Tether significantly expands! Strengthening development, investment, and compliance teams

The CEO of the world's largest stablecoin issuer Tether, Paolo Ardoino, has stated that by mid-2025, Tether plans to double its current workforce to strengthen the stablecoin issuer's development, investment, and compliance teams.

Tether Plans to Double its Workforce

According to a report by Bloomberg, Tether currently has just over 100 employees spread across over 50 countries. Tether's CEO, Paolo Ardoino, believes this lean approach allows Tether to optimize operations through technology and external partnerships, focusing on their core competencies to deliver exceptional value to customers. However, with Tether achieving a record $5.2 billion profit in the first half of 2024, Ardoino expressed the company's realization of the need for strategic expansion.

Despite its relatively small workforce, Tether has grown into a financial giant with a total market capitalization of $115.6 billion for the stablecoin USDT it issues. In comparison, major cryptocurrency exchange operators like Binance and Coinbase have thousands of employees.

Ardoino mentioned that by the middle of next year, Tether plans to double its workforce to around 200 employees, focusing on strengthening the development, investment, and compliance teams. This move will ensure Tether has the necessary resources to meet the evolving needs of its expanding user base and businesses.

Enhancing Compliance to Ensure USDT is not Used for Illegal Purposes

Ardoino stated that monitoring potential illegal activities involving USDT in secondary markets such as exchanges and over-the-counter trading requires "higher levels of automation with different types of tools." Tether has faced scrutiny in the past due to the illegal use of USDT and stated that it is collaborating with authorities worldwide to ensure USDT is not used for illicit purposes.

In May, Tether announced a partnership with blockchain analytics firm Chainalysis to "systematically monitor transactions" through features like sanction screening.

Increasing Investment Department Staff

Tether has also begun utilizing the returns accumulated from its substantial holdings of U.S. Treasury bonds to make new venture investments totaling around $2 billion over the past two years. It has backed companies like Northern Data Group and publicly listed mining firm Bitdeer Technologies Group and XREX in the United States.

Tether also plans to increase staff in the finance department, which manages assets supporting USDT up to $118 billion. However, as of a report in June, only a team of 15 people is responsible for overseeing these investments.

Nevertheless, Ardoino also mentioned his cautious approach towards excessively expanding the workforce.

One of the things I hate the most is companies that hire hundreds of employees during bull markets and then lay them off once the market is down, especially Silicon Valley companies. I think it's one of the most unfair things to employees.