Circle announces expansion, plans to fill multiple positions on its team
Circle Internet Financial Ltd., the issuer of the stablecoin $USDC, recently announced that it will be adding multiple positions to its team in preparation for its upcoming initial public offering (IPO). According to Bloomberg, Circle has increased its headcount by 15% in the first half of 2024, which is equivalent to an increase of 137 employees since January of this year. Currently, Circle has 882 employees and plans to hire more than 140 more employees across various industries including business development, engineering and marketing.
A Circle spokesperson revealed that the expansion is aimed at filling a number of key positions within the company, including the recent additions of chief accountant Tamara Schulz and exchange business development director Pierre Carras, both of whom started in May. Separately, Sterling Barnett joined Circle in April to lead exchange partnerships in North America and Europe.
Source: Linkedin Circle opens various job vacancies on Linkedin for talent recruitment
SEC approves Circle's path to IPO
Circle has been considering an initial public offering (IPO) for years. The company attempted to go public through a special purpose acquisition company (SPAC) in 2022, valuing it at $9 billion at the time, but the deal was ultimately scrapped in December 2022 due to delays in approval by the U.S. Securities and Exchange Commission (SEC).
In the fourth quarter of 2023, Circle began planning to go public again, and officially submitted an IPO application in January 2024. However, the SEC has yet to respond to its filing. Nonetheless, Circle Chief Executive Jeremy Allaire said the company was determined to go public and the re-application showed its firm determination to enter the public markets.
Plan to assist Web3 developers and provide more customized solutions
In addition to expanding functional human resources, Circle is also actively launching customized solutions for Web3 developers. Circle recently launched the Circle Credits program to provide financial support to developers to help them build and develop new blockchain applications.
Circle co-founder and CEO Jeremy Allaire announced the news at X . He said that this program is similar to AWS Credits and is designed to provide support for Web3 developers so that they can more easily transition from testnet to mainnet.
Image source: Jeremy Allaire, co-founder and CEO of X Circle, announced the launch of the Circle Credits program on X
The credit limit provided by the Circle Credits program can be used to pay for Web3 services, such as monthly fees for programmable wallets, API call fees and platform fees for smart contract platforms, etc. Developers can test the free tier feature and then apply to enter the Build or Scale tier to get more credit support.
Source: Circle Circle Credits program details and plans
It’s worth noting that this is just one of many plans Circle has launched recently for developers. Recently, Circle announced the expansion of its Web3 service to include the Solana network to help developers achieve new goals. Additionally, Circle partnered with Chainlink in May to expand the functionality of its stablecoins $USDC and $EURC, providing developers with the necessary tools to create comprehensive financial applications.
Cryptocurrency Market Trends and Circle Market Cap Growth
Circle’s plans to expand functionality are in line with hiring trends in the industry amid the ongoing recovery in the cryptocurrency market. Bitcoin, an industry benchmark, reached new highs in March, boosting business for cryptocurrency exchanges and stablecoin issuers. However, not all companies benefit equally, with Circle competitor Paxos recently cutting about 20% of its workforce.
Nonetheless, Circle's market value has been rising since mid-2022 and climbed again late last year, now standing at around $32 billion, a gain of nearly 36%. In the stablecoin market, Tether remains the largest stablecoin, with a market capitalization of approximately $112 billion.
Source: CoinGecko Market value comparison chart of the two major stablecoins $USDT and $USDT
Through these initiatives, Circle not only demonstrates its leadership in the cryptocurrency market but also demonstrates its commitment to supporting Web3 developers and innovative applications. As the market continues to change, Circle's plans for expanded capabilities and new initiatives will help it achieve even more success in the future.
