Stablecoin issuer Circle has cut its workforce slightly to maintain a “strong balance sheet,” the company said Wednesday.

“To maintain our strong balance sheet, Circle is redoubling its focus on core business activities and execution,” a spokesperson for Circle told CoinDesk in an email. “As a result, we have reduced or ended investments in non-core activities and reduced operational expenses which includes a marginal reduction in headcount. At the same time, we have identified new areas for investment and are continuing to hire in key areas of focus on a global basis.”

The news comes after Circle’s finance chief Jeremy Fox-Geen told the Wall Street Journal earlier this year that the USD Coin issuer was planning on increasing its workforce by as much as 25% in an effort to expand.

Circle joins a long list of crypto companies, including Coinbase, Chainalysis and Gemini, that have been forced to cut workers due to the prolonged crypto winter that saw prices sink rapidly and caused investors to stay away from the industry.

Circle has also recently doubled down on its business in Asia. In June, Circle Singapore received its Major Payment Institution (MPI) license for digital payment token services, which allows it to offer certain financial services in the city-state.

In a recent interview with CoinDesk Japan, CEO Jeremy Allaire said that Circle is considering issuing a stablecoin in Japan, which passed legislation governing stablecoins on June 1.