Tether aims to double its workforce to 200 by mid-2025, focusing on expanding its compliance team, according to CEO Paolo Ardoino.
Tether, the world’s largest stablecoin issuer, is reportedly intending to double the size of its workforce by mid-2025, with a particular emphasis on its compliance team.
Tether Holdings Ltd., the issuer of the USDT stablecoin, intends to augment its workforce to approximately 200 individuals, according to CEO Paolo Ardoino in an interview with Bloomberg on August 8.
Secondary markets are over-the-counter trading platforms and crypto exchanges, while primary markets are where consumers purchase or redeem USDT directly with Tether..
The company has been subjected to scrutiny regarding the unauthorized utilization of USDT and is currently engaged in a collaborative effort with law enforcement to prevent illegal activities. It collaborated with Chainalysis, a blockchain analytics and security firm, in May to improve sanctions screening and transaction monitoring.
At the same time, Tether has emerged as a financial juggernaut, achieving record-breaking profits of $5.2 billion in the first half of 2024, despite having a significantly smaller workforce than major tech and crypto companies.
“There is nothing that I despise more than the companies, particularly those in Silicon Valley, that employ hundreds of individuals during bull markets only to terminate them immediately upon a market downturn,” stated Ardoino.
Tether, which introduced a gold-backed stablecoin in June, has observed a more than 25% increase in the supply of its dollar-pegged stablecoins since the beginning of 2024.
At present, USDT holds a nearly 70% share of the stablecoin market, with a circulating supply of $115 billion.
According to CoinGecko, Circle, its nearest competitor, has a market share of 21% and a supply of $34.4 billion USD Coin.
