(Bloomberg) -- Circle Internet Financial Ltd. has increased its staff by more than 15% this year and plans to fill a similar number of positions as the issuer of the second-largest stablecoin prepares to go public. 

The Boston-based company, which revealed in January that it confidentially submitted plans to launch an initial public offering, has added 137 staffers, and has more than 140 additional open positions in areas such as business development, engineering and marketing, a spokesperson said. The company currently has 882 employees, and 24 more people have already accepted job offers, they said.

The new hires include Chief Accounting Officer Tamara Schulz and Business Development Director for Exchanges Pierre Carras, who both started in May, according to their LinkedIn accounts. Sterling Barnett, director of business development leading North American and European exchange partnerships, started in April, according to his LinkedIn.

Circle said in January it filed a draft registration statement to go public with the US Securities and Exchange Commission. While it’s not clear how much Circle would be valued, its worth was estimated at $9 billion when it tried to go public in a planned merger with special purpose acquisition company Concord Acquisition Corp. in late 2022 before that deal was scrapped. Circle has filed legal paperwork to re-domicile to the US from Ireland.

Crypto companies have ramped up hiring this year amid renewed optimism for the sector with industry bellwether Bitcoin hitting a new high in March. Business of crypto exchanges and stablecoin issuers in particular has been booming, prompting additional hiring after several lean years. Yet, no everyone has benefited equally. Rival stablecoin issuer Paxos just cut about 20% of its workforce, after its deal with the crypto exchange Binance was wound down last year.

Circle’s tokens in circulation peaked in mid-2022, and slid for much of last year, with the failure of Silicon Valley Bank. Circle had kept some of its reserves in the bank before it imploded. The market value began climbing again late last year, increasing by nearly 36% since, to around $32 billion, according to data tracker CoinMarketCap. Tether is the largest stablecoin, at about $112 billion. 



©2024 Bloomberg L.P.