Tether set to double workforce by mid-2025

Stablecoin issuer Tether has announced plans to double its workforce by mid-2025 to increase regulatory compliance.

In a recent interview with Bloomberg, CEO Paulo Ardoino said that Tether Holdings Ltd. plans to increase its workforce to 200. The CEO also said that the company will add staff to its finance department, which manages approximately $115.5 billion worth of Tether (USDT).

We pride ourselves on being very lean, and we want to stay lean because we want to be flexible.

Paolo Ardoino, CEO of Tether

The company is reportedly looking into ways to effectively track illegal activity involving its stablecoin product on the secondary market. Ardoino believes that tracking such events requires the use of “different types of tools that are much more automated.”

Tether has positioned itself as a financial powerhouse, recently releasing a financial report showing $5.2 billion in profits in the first half of 2024. The stablecoin issuer achieved these gains despite having a small workforce compared to virtual asset service providers like Coinbase and Binance.

The company has made efforts to clear its name from the increasing scrutiny over the illicit use of its USDT stablecoin. In July, Tether froze a Tron network address holding approximately 29.62 million USDT. According to blockchain analytics firm Bittrace, the address was allegedly linked to Huione Guarantee, an online marketplace used by scam operators in Southeast Asia.

Tether announced in May that it had partnered with blockchain data security platform Chainalysis to create tools to track secondary market activity involving illicit funds.

Ardiono told Forbes that the company has achieved profit margins “beyond anything we could have ever imagined.” He noted that since he took over as CEO, Tether has moved beyond its identity as a stablecoin issuer.

The company has reportedly invested more than $2 billion in startups over the past two years. Its investments include Northern Data Group and Bitdeer Technologies Group, a US-listed company. In an interview with Forbes, Ardiono spoke about the company’s intention to continue making bold investments in areas such as artificial intelligence and telecommunications.