Circle Expands Workforce By 15% For Further Expansion: Report

Key Points:

• Circle expanded its staff by 15% this year.
• The company, worth $9 billion, plans an initial public offering.
• Circle’s tokens value increased to $32 billion.

According to BBG, Circle expands workforce by 15% and plans to hire more people in various areas. Amid a crypto boom, it prepares for a $9B IPO and re-domiciliation to the US.

Circle, the issuer of the second-biggest stablecoin and based in Boston, has increased its staff by more than 15% this year. After adding 137 new staff, the company has 882 employees and plans to hire more than 140 employees in business development, engineering, marketing, and other areas.

Circle Expands Workforce and Announces New Additions

Also among the new additions are Tamara Schulz, Chief Accounting Officer, and Pierre Carras, who will become the Business Development Director for Exchanges. Sterling Barnett joined in April to lead its North American and European exchange partnerships.

In January, Circle quietly submitted plans for an initial public offering. Estimated to be worth $9 billion, the company expects that number to rise as it plans to go public. Circle said the company has filed legal paperwork in association with plans to re-domicile from Ireland to the US.

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Crypto Market Trends and Circle’s Market Value Increases

Amid the renewed optimism in the crypto industry, Circle’s move aligns with a trend of increased hiring in the sector. Bitcoin, the industry bellwether, reached a new high in March, triggering a boom in the business of crypto exchanges and stablecoin issuers.

However, not all companies have seen equal growth, with Paxos, a rival stablecoin issuer, recently cutting about 20% of its workforce.

The tokens of Circle peaked off in mid-2022, but after a slide for the remainder of the year, the market value began climbing again late last year. It currently is around $32 billion—up nearly 36%. Tether remains the largest stablecoin, valued at about $112 billion.