Tether plans to double its workforce to about 200 people within the next year to drive compliance and financial development

PANews reported on August 9th, according to Bloomberg, Tether Holdings Ltd. plans to double its staff within the next year to strengthen key areas such as compliance and financial management. In an interview, Tether CEO Paolo Ardoino said that the company expects the total number of employees to reach about 200 by mid-2025. Tether currently manages $118 billion in assets, supporting the issuance of its USDT stablecoin.

Ardoino emphasized that although the company is small in size, Tether is still a financial giant, generating $1.3 billion in profits in Q2 2024. To address potential illegal activities involving USDT on secondary markets, the company has partnered with Chainalysis Inc., strengthening transaction monitoring and ensuring that USDT will not be used for illegal purposes.

In addition, Tether also invests using its substantial treasury bond earnings; over the past two years it has invested approximately $2 billion into startups and plans to continue these investments. However, Ardoino remains cautious about excessive expansion of staff numbers - avoiding mass hiring during bull markets like some Silicon Valley companies do only then lay off large numbers when market conditions worsen.