Stablecoin issuer Tether has announced its plans to double its workforce by mid-2025 in an effort to bolster key areas like compliance and finance. This move comes as Tether seeks to solidify its position in the market and handle its staggering $118 billion in assets backing the USDT stablecoin. With only a small team currently in place, Tether aims to grow its staff to around 200 employees to support its expanding operations.
Caution in Workforce Expansion
While Tether is looking to increase its headcount significantly, Chief Executive Officer Paolo Ardoino has expressed caution about the pace of this expansion. Ardoino emphasized the importance of remaining lean and agile, hiring only senior personnel to maintain flexibility. He cited the pitfalls of companies that rapidly scale up during boom times only to downsize drastically during market downturns, highlighting the negative impact on employees.
One critical area where Tether is focusing its efforts is compliance, particularly in monitoring potential illicit activities related to the USDT stablecoin. Ardoino acknowledged the need for advanced tools to track USDT transactions on secondary markets, such as exchanges and over-the-counter desks. By partnering with companies like Chainalysis, Tether aims to enhance its surveillance capabilities and ensure compliance with international regulations to prevent illegal use of USDT.
Apart from expanding its workforce, Tether has also been actively investing in companies like Northern Data Group and Bitdeer Technologies Group. Despite its relatively small team managing these investments, Tether has reported a significant net operating profit of $1.3 billion in the second quarter of 2024. This financial success, fueled by the popularity of its stablecoin, has positioned Tether as a major player in the crypto market, rivaling established exchanges like Binance and Coinbase.
Tether’s decision to double its workforce and strengthen its compliance and finance departments reflects the company’s ambitious growth strategy. While the expansion is aimed at supporting Tether’s increasing operations and addressing regulatory challenges, Ardoino’s emphasis on careful and strategic hiring practices underscores the importance of sustainable growth in the volatile crypto market. By balancing growth with caution and compliance, Tether is positioning itself for continued success and resilience in the face of market uncertainties.