Tether, the biggest issuer of stablecoins globally, has announced plans to double its team size by the middle of 2025.
Tether Holdings, issuer of the $115 billion stablecoin USDT, plans to double the size of its workforce over the next year https://t.co/3FAoH984LU
— Bloomberg Crypto (@crypto) August 9, 2024
Tether Holdings Ltd., the company behind the USDT stablecoin, aims to expand its team to about 200 people. This news was shared by Tether’s CEO, Paolo Ardoino, in a sit-down with Bloomberg on August 8.
“We take pride in our lean team and aim to stay flexible,” said Ardoino. He also mentioned that the company is very selective when hiring, focusing on recruiting only experienced “senior” personnel.
Per the interview, this move is a key part of Tether’s growth strategy, with a special focus on enhancing its compliance team.
An eye on strengthening compliance
The decision to expand Tether’s team is not just about increasing numbers. It’s about enhancing the company’s compliance and financial capabilities. This decision comes when Tether is facing scrutiny over the potential misuse of USDT, partly because it partnered with blockchain analytics and security firm Chainalysis in May to scan for potential red flags or shady transactions.
Ardoino highlighted the need for “more automated tools” to monitor potential illegal activities involving its stablecoin in secondary markets.
Despite having a smaller team compared to many tech and crypto companies, Tether has become a major player in finance, with a reported record profit of $5.2 billion in the first half of 2024.
“There is nothing that I hate more than all those companies, especially Silicon Valley companies, that hire hundreds of people during the bull runs to fire them as soon as there is a downturn in the market,” Ardoino reminisced.
Tether stablecoin, USDT, appears healthy with steady growth
USDT 1 year supply growth. Source: CoinGeckoTether’s been on a roll this year since the launch of its gold-backed stablecoin in June. Since January, the company’s seen a huge surge in demand for its dollar-pegged stablecoin, with supply topping by over 25%. Today, Tether’s stablecoin, USDT, is the clear market leader, making up an impressive 70% of the entire stablecoin market, which is a massive $115 billion in circulation. In comparison, Circle, the next largest competitor, has a supply of $34.4 billion USD Coin and a market share of 21%, based on data from CoinGecko.
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