Circle Internet Group, a New York-based stablecoin issuer behind USDC, said on September 25 that CFO Jeremy Fox-Geen plans to step down after more than five years in the role.

The company is working with an executive search firm to find a successor.

Fox-Geen, who joined Circle in May 2021, will remain CFO through the end of 2026 unless a successor is appointed sooner.

Circle said he helped the company grow, including by helping it complete a US$1.2 billion initial public offering last year.

In a regulatory filing, Circle also said co-founder Sean Neville stepped down as a director with immediate effect for personal reasons.

The company said Neville’s departure was part of an orderly board transition.

According to CoinMarketCap, USDC had a market capitalization of about US$75 billion.

The leadership change comes as proposed US stablecoin legislation could limit yield on reserve assets. Outside analysis has said 95% of Circle’s revenue depends on interest rates, while another report cited US$76.5 billion in USDC reserves.

🔗 Source: Reuters

Recent Circle developments