Circle, the issuer of the USDC stablecoin, has announced plans to increase its workforce by up to 25% in the coming year, according to a recent report by the Wall Street Journal (WSJ).
The decision comes despite Circle canceling its deal to go public due to missed deadlines to submit required files to the Securities and Exchange Commission.
Although the merger deal fell through, Circle had reportedly raised around $400 million in fundraising efforts, which increased the company’s financial position, despite the liquidity crunch in the industry.
Circle’s finance chief, Jeremy Fox-Geen, confirmed to WSJ that the company plans to use these funds to focus on growth and invest in its workforce.
Fox-Geen stated that Circle is looking to bring in an additional 225 workers to its current team of 900. The company aims to expand its business operations beyond stablecoin issuance to settling trades in other asset classes such as equities.
While Circle still intends to go public in the future, the company is waiting for better market conditions to attract public investors and ensuring compliance with U.S. regulators.
Despite the cancellation of the merger deal, Circle remains optimistic about its future prospects and is continuing its efforts to expand its operations and grow its team.