KEYTAKEAWAYS
- Tether to increase staff to 200 by mid-2025, focusing on compliance.
- Company aims to remain lean and flexible despite rapid growth.
CONTENT
The world’s largest stablecoin issuer aims to expand its team to 200 employees, with a focus on compliance, while maintaining a lean and flexible structure compared to other tech and crypto companies.
Tether Holdings Ltd., the issuer of the world’s largest stablecoin USDT, has announced plans to double its workforce to approximately 200 employees by mid-2025. This expansion, revealed by CEO Paolo Ardoino in a Bloomberg interview on August 8, emphasizes the company’s commitment to enhancing its compliance capabilities while maintaining operational efficiency.
Despite its significant market presence, Tether intends to keep a relatively small team compared to other tech and crypto firms. Ardoino stated, “We are very proud of the fact that we are very lean and we want to remain lean because we want to be flexible.” He added, “We are very careful when we hire people, we hire only senior people.”
The expansion plans come as Tether faces increased scrutiny over potential illicit use of USDT. To address these concerns, the company is focusing on automating its monitoring tools, particularly for secondary markets where USDT is traded on exchanges and over-the-counter platforms.
In May, Tether partnered with blockchain analytics firm Chainalysis to enhance transaction monitoring and sanctions screening. This move aligns with the company’s efforts to prevent illegal activities and cooperate with authorities.
Despite its lean structure, Tether has achieved remarkable financial success. In the first half of 2024, the company reported record-breaking profits of $5.2 billion. The USDT stablecoin has seen its supply grow by over 25% since the beginning of 2024, reaching a circulating supply of $115 billion and commanding nearly 70% of the overall stablecoin market.
>> Also read: Tether Reports Record $5.2B Profit in H1 2024
Tether’s approach contrasts sharply with many tech companies’ hiring practices. Ardoino criticized the trend of mass hiring during bull markets followed by layoffs in downturns, stating, “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.”
As Tether continues to grow and diversify its offerings, including the launch of a gold-backed stablecoin in June, its strategic expansion plans reflect a commitment to sustainable growth and regulatory compliance in the rapidly evolving cryptocurrency landscape.
>> Also read:
- Crypto by Market Cap Ranking 2024 – Top 5 Cryptos You Should Know
- The Rise of Stablecoins: A Game Changer in the World of Cryptocurrency
