While Tether is aiming to expand its workforce, Ardoino is still cautious about doing it too rapidly.
Tether Holdings Ltd, the company behind the world’s largest stablecoin USDT, is planning to expand its workforce over the next year. In a recent interview with Bloomberg, Tether CEO Paolo Ardoino revealed that the company aims to double its headcount by mid-2025, bringing the total number of employees to around 200.
This expansion is part of Tether’s strategy to bolster its operations in critical areas such as compliance and finance.
Ardoino stated that while Tether is growing, it remains committed to maintaining a lean and agile structure. The CEO also highlighted his company’s careful approach to hiring, focusing on bringing in senior, experienced professionals who can contribute to the company’s growth without bloating the organizational structure.
Scrutiny Over Misuse of USDT
This expansion comes at a time when Tether continues to face scrutiny over the potential misuse of USDT in illicit activities. Earlier this year, the United Nations Office for Drugs and Crime (UNODC) issued a report highlighting USDT’s role in money laundering activities in Southeast Asia, particularly due to its increasing use on the Tron blockchain. Additionally, a Wall Street Journal report in April accused USDT of being used by Russian arms smugglers to evade US sanctions.
In response to these concerns, Tether has been actively cooperating with global authorities to ensure that its stablecoin isn’t being misused. Moreover, it has also joined hands with blockchain analytics firm Chainalysis Inc. to strategically monitor USDT transactions, with sanctions screening and tracking potentially illicit activities on secondary markets, such as trading on over-the-counter desks.
Tether’s Success
Despite its relatively small workforce, Tether has become a powerhouse in the financial world. USDT currently boasts a market cap of $115 billion, dwarfing its closest competitor, Circle’s USDC, which has a market cap of $34.5 billion. Over the past year, USDT market cap has surged by more than 40%.
The company’s success is also reflected in its financial performance. It reported a record $5.2 billion in profits during the first half of 2024. Notably, Tether has become the 18th-largest holder of US Treasuries, surpassing even Germany.
In the past two years, Tether has leveraged the yields from its Treasury holdings to make approximately $2 billion worth of startup investments. Among its portfolio are companies like Northern Data and Bitdeer. In June, Ardoino stated that the company plans to continue its investment momentum by channeling more than $1 billion into emerging markets over the coming year.
While Tether is aiming to expand its workforce, Ardoino is still cautious about doing it too rapidly. “I despise the trend of hiring hundreds of people during the bull runs to fire them as soon as there is a downturn in the market,” he remarked. For Ardoino, the goal is to build a sustainable workforce that can weather the ups and downs of the market.
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