Circle , the company that issues USDC ( USDC price data), has increased its workforce and plans to ramp up its hiring strategy.
The event comes as part of the company's initial public offering (IPO) plans, which were revealed not long ago.
Bloomberg reports that the Boston-based organization has expanded its workforce by more than 15% this year.
It's important to note that Circle has added 137 new employees and currently plans to hire over 140 more.
Will be hiring key departments including business development, engineering and marketing.
Currently, the total workforce at Circle is about 882 people and 24 more people have accepted job offers.
The new hires include Chief Accounting Officer Tamara Schulz and Head of Business Development for the Exchange Pierre Carras. Both joined the company in May.
Additionally, in April, Sterling Barnett, who led trading partnerships in North America and Europe, joined the firm.
Circle 's IPO and Expansion Plans
The stablecoin issuer has made plans to bolster its leadership team as it prepares for an initial public offering (IPO ).
In January, the company announced it filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for an IPO.
While Circle's exact valuation is uncertain, the company was estimated to be worth $9 billion in its previous IPO attempt through a planned merger with Concord Acquisition Corp., a special purpose acquisition company.
However, the deal later fell through for unexplained reasons.
Circle has also taken steps to move its roots from Ireland to the United States with plans to operate under US regulatory policies.
Interestingly, Circle has faced a number of challenges recently. The amount of USDC in circulation peaked in mid-2022 but has since declined due to the collapse of Silicon Valley Bank, where Circle held a portion of its reserves.
This situation caused the market value of the second-largest stablecoin to drop. However, the setback did not last long as the company made a surprising comeback. CoinMarketCap data shows that USDC 's market value increased by 36% to about $32.8 billion.
As previously reported, stablecoin USDC has surpassed Tether 's USDT , the dominant stablecoin in the market, in terms of volume.
Visa’s adjusted stablecoin figures confirmed the development, showing that USDC usage has skyrocketed since the start of the year.
Additionally, Circle also launched the Circle Credit Program , which aims to support developers in the Web3 space.
The initiative provides credits to cover costs such as Programming Wallet fees, smart contract platform API calls, and Gas Station network fees, allowing developers to focus on creating innovative on-chain applications by eliminating their cost concerns.
Bitcoin News Summary
