Stablecoin issuer Tether has recently revealed plans to double its workforce by the middle of 2025 in order to enhance compliance with regulatory laws. In an interview with Bloomberg, CEO Paulo Ardoino stated that Tether Holdings Ltd. aims to expand its team to 200 employees. The company will specifically focus on hiring more staff for its finance department, which currently manages around $115.5 billion in Tether (USDT).
Ardoino expressed pride in the company’s lean structure and emphasized the importance of maintaining flexibility. Despite the expansion plans, Tether aims to remain agile in its operations. The decision to grow the workforce is driven by the need to effectively monitor illicit activities involving its stablecoin on the secondary market. Ardoino highlighted the importance of utilizing automated tools to enhance monitoring capabilities.
Tether has emerged as a prominent player in the financial sector, as evidenced by its recent financial report showcasing profits of $5.2 billion in the first half of 2024. This achievement is particularly noteworthy considering Tether’s relatively small team size compared to other virtual asset service providers like Coinbase and Binance.
In response to increasing scrutiny surrounding the potential misuse of its USDT stablecoin, Tether has taken proactive measures. In July, the company froze a Tron network address holding approximately 29.62 million USDT, which was allegedly linked to Huione Guarantee, an online marketplace associated with scam activities in Southeast Asia. Additionally, Tether has partnered with blockchain data security platform Chainalysis to develop tools for monitoring secondary market transactions involving illicit funds.
Ardoino shared with Forbes his satisfaction with Tether’s financial performance, noting that the company has exceeded profit expectations since he assumed the role of CEO. Tether has evolved beyond its initial identity as a stablecoin issuer and has actively invested over $2 billion in startups over the past two years. Notable investments include Northern Data Group and Bitdeer Technologies Group, a US-listed company. Ardoino expressed the company’s commitment to making strategic investments in emerging sectors such as artificial intelligence and telecommunications to drive further growth and innovation.