The CEO of stablecoin issuer Tether Holdings Ltd. has announced plans to increase the company’s employee headcount to 200 by mid-2025. The firm stated that a majority of the new employees will be assigned to the compliance team, while others will join the finance team.
Tether to Increase Its Workforce to 200 by Mid-2025, Says CEO Paolo Ardoino
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A Finance Behemoth With a Lean Structure
Stablecoin issuer Tether Holdings Ltd. plans to double its workforce to 200 by mid-2025, according to a report. The company will focus on expanding its compliance and finance teams. In a Bloomberg interview, CEO Paolo Ardoino said Tether aims to maintain a lean structure while increasing flexibility. He explained:
“We are very proud of the fact that we are very lean and we want to remain lean because we want to be flexible. We are very careful when we hire people, we hire only senior people.”
Despite a small workforce for a firm overseeing the $115 billion stablecoin USDT, Tether has posted impressive financial results in the past two quarters. According to Bitcoin.com News, Tether’s Q2 operating profit was $1.3 billion, bringing its cumulative profit to $5.2 billion for the first half of 2024.
Tether also reportedly holds $97.6 billion in U.S. Treasuries, placing it among the top global holders of U.S. debt and surpassing countries like Germany and Australia. However, despite its apparent financial strength, Tether’s USDT stablecoin has faced repeated accusations of being linked to illicit activity or sanctions busting.
Tether’s Staff Hiring Strategy
These allegations have prompted some U.S. politicians to call for increased scrutiny of Tether and the stablecoin market. To address these concerns, the stablecoin issuer has partnered with blockchain analysis firm Chainalysis to “methodically monitor transactions” for potential sanctions violations.
By expanding its compliance department, Tether is seemingly signaling its commitment to preventing bad actors from using USDT to fund illicit activities.
Meanwhile, during the interview, Ardoino also explained Tether’s decision to maintain a steady workforce compared to other firms that often hire during bull markets and lay off employees during downturns.
“There is nothing that I hate more than all those companies, especially Silicon Valley companies, that hire hundreds of people during the bull runs to fire them as soon as there is a downturn in the market. That I think is one of the most unfair things you can do to employees,” Ardoino said.
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