Circle Increases Employee Count, Hiring 137 People: Report

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As an analyst with a background in finance and experience in following the stablecoin market, I view Circle’s expansion plans as a strategic move towards solidifying its position in the industry before its upcoming IPO. The addition of key hires to critical departments such as business development, engineering, and marketing indicates a focus on growth and innovation.

USDC’s publisher, Circle, has announced significant staff growth and intends to accelerate its recruitment efforts. This development comes in the wake of Circle’s previously disclosed intentions for an initial public offering (IPO). According to Bloomberg, Circle has already added over 15% more employees to its Boston team this year.

Circle has recently welcomed 137 new hires and intends to bring on board over 140 more team members in the near future. The recruitment drive will focus on essential areas such as business development, engineering, and marketing.

At present, Circle employs approximately 858 people, with an extra 24 individuals having recently accepted employment offers. Among these new hires are two key executives: Tamara Schulz, who took on the role of Chief Accounting Officer in May, and Pierre Carras, who became the Business Development Director for Exchanges during the same month.

In addition, Sterling Barnett, the head of North American and European exchange collaborations, joined our team in April.

Circle’s IPO and Plans of Expansion

The stablecoin issuer is taking steps to strengthen its management team in anticipation of holding an Initial Public Offering (IPO), which was signaled through the SEC filing submitted in January.

The value of Circle was approximated to be around $9 billion during its earlier endeavor to become publicly traded via a merger with Concord Acquisition Corp. However, this deal ultimately fell through for reasons yet unexplained. Moreover, Circle has since made efforts to transition from Ireland to the United States and intends to conduct its operations in accordance with American regulatory frameworks.

It’s intriguing to note that Circle encountered several hurdles in the more recent phase. The circulation of USDC reached its highest point in mid-2022. However, this growth was hindered when some of Circle’s reserves were held at Silicon Valley Bank, which subsequently collapsed. Consequently, the market value of the second largest stablecoin suffered a decline. Nevertheless, Circle managed to bounce back unexpectedly. The current market value of USDC has surged by 36%, reaching approximately $32.8 billion according to CoinMarketCap’s data.

Previously reported news revealed that USDC, a stablecoin from the US, surpassed USDT, the leading stablecoin in the market, in trading volume. Visa’s revised stablecoin data validated this trend, implying significant growth in USDC usage since the start of the year.

Circle introduced the Circle Credits Program, a new initiative designed to assist developers in the Web3 sector. This program grants credits to cover various expenses, including fees for Programmable Wallets and Smart Contract Platform API calls, as well as Gas Station network charges. By providing this financial support, developers can focus solely on developing innovative on-chain applications without worrying about cost concerns.

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2024-06-19 13:21