Tether, the world’s largest stablecoin issuer, plans to double its current headcount by mid-2025 to strengthen the stablecoin issuer’s development, investment and compliance teams, CEO Paolo Ardoino said.
Tether will double its staff
According to Bloomberg, Tether currently has just over 100 employees spread across more than 50 countries. Paolo Ardoino, CEO of Tether, believes that this streamlined approach allows Tether to optimize operations through technology and external partnerships, focus on our core capabilities, and provide excellent value to customers. However, as Tether grew significantly to record profits of $5.2 billion in the first half of 2024, Ardoino said the company realized the need for strategic expansion.
Despite its small staff, Tether has grown into a financial giant with its stablecoin. The current stablecoin USDT issued by Tether has a total market value of $115.6 billion. And the largest cryptocurrency exchange operators, such as Binance and Coinbase, have thousands of employees.
Tether plans to double its headcount to around 200 by the middle of next year, with a focus on strengthening development, investment and compliance teams, Ardoino said. This will ensure that Tether has the necessary resources to meet the evolving needs of its expanding user base and businesses.
Strengthen compliance to ensure USDT is not used for illegal purposes
Ardoino said that monitoring potential illegal activity involving USDT on secondary markets, such as exchanges and over-the-counter trading, will require "different types of tools with a higher degree of automation." Tether has been under scrutiny for the illegal use of USDT on several occasions, and Tether said it is working with authorities around the world to ensure USDT is not used for illegal purposes.
Tether announced in May that it was partnering with on-chain analytics company Chainalysis to "methodically monitor transactions" through features such as sanctions screening.
Increase investment department staff
Tether has also begun using proceeds accumulated from its large holdings of U.S. Treasuries to make new venture investments worth about $2 billion over the past two years. It has backed companies such as Northern Data Group and U.S.-listed mining companies Bitdeer Technologies Group and XREX.
Tether also plans to increase staff in its finance department, which manages up to $118 billion in assets backing USDT, but only a team of 15 oversees those investments, according to a June report.
However, Ardoino also said he is wary of expanding the workforce too aggressively.
One of my pet peeves is companies, especially Silicon Valley companies, that hire hundreds of people during a bull market and then lay them off when the market goes down. I think this is one of the most unfair things to do to employees.
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