USDT issuer Tether to expand workforce to 200 employees by mid-2025

Stablecoin issuer Tether intends to double its workforce over the next year to strengthen areas such as compliance. By mid-2025, the company behind the USDT stablecoin plans to expand its workforce to approximately 200 employees, according to CEO Paolo Ardoino.

Tether also plans to increase the staffing of its finance department, which oversees the $118 billion in assets backing USDT.

Tether Workforce Expansion

With a relatively small team, Tether has become a financial giant, with a net operating profit of $1.3 billion in the second quarter of 2024, driven by its leading stablecoin. In comparison, major crypto exchanges like Binance and Coinbase employ a large workforce.

Commenting on the same, Ardoino told Bloomberg in an interview on August 8:

“We are very proud of the fact that we are very lean and we want to stay lean because we want to be flexible. We are very careful when we hire people, we only hire seniors”.

Over the past two years, Tether has invested in companies such as Northern Data Group and US-listed miner Bitdeer Technologies Group, with plans to continue its investment activities. A June report revealed that only 15 people manage these investments. But Ardoino expressed caution about expanding the workforce too quickly.

“There’s nothing I hate more than all those companies, especially those in Silicon Valley, that hire hundreds of people during bull runs only to fire them as soon as there’s a market crash. I think that’s one of the most unfair things you can do to employees.”

Scrutiny on USDT misuse

Ardoino said that monitoring potential illicit activities involving USDT in the secondary market, such as trading on exchanges and OTC tables, requires different types of much more automated tools. Although the primary market includes direct transactions with Tether, the company has faced scrutiny over its illicit use of USDT. A Wall Street Journal report in April highlighted its use by Russian arms smugglers to evade US sanctions.

Tether, on the other hand, has continued to maintain that it is cooperating with global authorities to prevent the illegal use of USDT. It partnered with blockchain monitoring firm Chainalysis in May to improve tracking of transactions on secondary markets with its tokens.

The monitoring system is designed to ensure compliance with international sanctions and detect illicit transfers, including possible terrorist financing, helping Tether identify risky or illicit crypto wallets.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!