Tether, the stablecoin issuer, is aiming to double its workforce in the upcoming year. The company plans to enhance areas such as compliance by increasing its headcount to around 200 employees by mid-2025. This move comes as Tether continues to grow in the financial sector, with a net operating profit of $1.3 billion in the second quarter of 2024, driven by its popular stablecoin, USDT.
Tether’s Chief Executive Officer, Paolo Ardoino, emphasized the importance of cautious hiring practices. The company aims to maintain a lean team consisting of senior professionals to ensure flexibility. Ardoino expressed concerns about rapid workforce expansion, citing the unfair practice of hiring extensively during market upswings only to lay off employees during downturns. Tether’s focus on responsible hiring practices reflects its commitment to its employees.
One of the key areas of focus for Tether is monitoring potential illicit activities related to USDT on the secondary market. With concerns over the misuse of stablecoins, Tether has invested in tools to enhance monitoring and compliance efforts. The company has faced scrutiny over USDT’s involvement in illicit transactions, such as evading sanctions. To address these issues, Tether partnered with Chainalysis to improve the surveillance of transactions and identify risky or illicit behaviors.
In addition to expanding its team, Tether has invested in companies like Northern Data Group and Bitdeer Technologies Group. However, the company remains cautious about the pace of its investment activities to avoid potential pitfalls. Tether’s careful approach to investments reflects its commitment to long-term growth and stability in the financial markets.
As Tether navigates the complexities of expanding its workforce and addressing regulatory challenges, the company remains focused on maintaining a strong compliance framework and responsible growth strategy. By strategically growing its team, investing in cutting-edge technologies, and collaborating with industry partners, Tether aims to solidify its position as a leading player in the digital asset market.
