Circle Achieves Milestone in Canada
Circle has made history by becoming the first stablecoin issuer to meet Canada’s new listing requirements for its USD Coin (USDC). This achievement comes at a crucial time, as reports of layoffs within the company have been circulating.
Compliance with Canadian Regulations
Circle CEO Jeremy Allaire announced on Dec. 4 that USDC is now compliant with Canada’s updated regulations for digital assets, particularly focusing on Value-Referenced Crypto Assets (VRCA). This means that USDC will continue to be available on registered crypto exchanges and trading platforms in Canada, while non-compliant stablecoins will be delisted by Dec. 31.
Industry Challenges and Commitment
Several major crypto firms have recently exited the Canadian market due to regulatory challenges, but Circle’s Head of Global Policy, Dante Disparte, emphasized the company’s commitment to global regulatory standards. He sees Canada’s regulation as forward-thinking and believes it enhances the integrity of digital asset markets.
Workforce Changes at Circle
Despite its regulatory success, Circle has reportedly undergone a 6% reduction in its workforce. The company clarified that these layoffs were part of routine operational reviews to optimize investments and manage expenses. Circle continues to invest in critical teams and infrastructure while slightly scaling back on certain roles.
Circle remains focused on expanding its geographic footprint, especially in areas like Artificial Intelligence, while USDC maintains its position as the second-largest stablecoin in the market with a $40 billion supply.
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