Tether Plans Workforce Expansion

Stablecoin firm Tether (USDT) is set to double its existing workforce to around 200 employees by mid-2025, according to CEO Paolo Ardoino.

The company has historically operated with a streamlined team, currently consisting of just over 100 employees across more than 50 countries. Ardoino highlighted that this approach allows for optimized operations through technology and external partnerships, enabling the firm to focus on core competencies and deliver exceptional value to customers.

Amid significant growth, with Tether generating a record $5.2 billion profit in the first half of 2024, Ardoino acknowledged the need for strategic expansion. Plans are in place to double the workforce, emphasizing development, investment, and compliance teams to meet the evolving demands of an expanding user base.

Tether’s Growing Profits and Competition

Tether has benefited from the post-COVID inflationary environment and subsequent interest rate increases, reinvesting profits into various projects, including decentralized AI, Bitcoin mining, and a peer-to-peer messaging platform called Keet. The company has seen profits grow each year since at least 2022.

Ardoino previously stated that increasing competition in the stablecoin market is a positive sign, reflecting USDT’s success and strengthening the entire industry. Circle’s USDC stands as USDT’s largest competitor, holding a market cap of around $34.4 billion.

However, USDT has faced controversy regarding the lack of a full independent audit of its reserves. In February 2021, Tether settled with the New York Attorney General’s office, paying an $18.5 million fine and agreeing to quarterly attestations of reserves.