Tether to Double Workforce by Mid-2025
Tether Holdings Ltd., the world's largest stablecoin issuer, plans to double its workforce to approximately 200 employees by mid-2025, focusing on enhancing its compliance and financial teams. CEO Paolo Ardoino emphasized the importance of bolstering the compliance team to address regulatory scrutiny and prevent the illicit use of its stablecoin, USDT. The firm has been cooperating with authorities to mitigate illegal activities and improve its oversight capabilities.
Despite its relatively small workforce, Tether reported record-breaking profits of $5.2 billion in the first half of 2024. The company has seen significant growth in its dollar-pegged stablecoin supply, which has increased by more than 25% since the beginning of the year, now holding a commanding 70% share of the overall stablecoin market. Tether's finance department, which manages the assets backing USDT, will also see an increase in staffing as part of the expansion plan.
