Tether is planning to double its workforce by mid-2025, with a significant focus on bolstering its compliance team.
According to CEO Paolo Ardoino, Tether Holdings Ltd., the company behind the USDT stablecoin, aims to expand its staff to approximately 200 employees.
In an interview with Bloomberg on August 8, Ardoino highlighted Tether’s commitment to maintaining a lean and agile workforce.
“We are proud of our lean structure and intend to keep it that way to remain flexible,”
he stated.
He also emphasised the company’s selective hiring approach, noting that they only bring on senior-level professionals.
Ardoino further explained that the need for enhanced monitoring of potentially illicit activities on secondary markets involving USDT requires more advanced and automated tools. This move, according to Adriono underscores Tether’s ongoing efforts to strengthen its compliance measures amidst growing regulatory scrutiny.
The company has been under scrutiny for the potential illicit use of USDT and remains committed to collaborating with authorities to combat illegal activities. In May, Tether strengthened its efforts by partnering with blockchain analytics and security firm Chainalysis to enhance transaction monitoring and enforce sanctions compliance.
Ardoino also took a swipe at Silicon Valley’s hiring practices, criticising companies for their short-term approach.
“I have a deep disdain for those companies, particularly in Silicon Valley, that hire hundreds of employees during bull markets only to lay them off at the first sign of a downturn,”
he remarked.
Meanwhile, in a July 31 announcement, Tether reported record-breaking profits of $5.2 billion for the first half of 2024, along with a significant increase in its holdings of U.S. government bonds. The announcement also revealed Tether’s consolidated net equity of $11.9 billion as of June 30, and noted that the company issued approximately $8.3 billion in USDT during the second quarter.
Tether’s balance sheet strength positions it as a leader in stability and liquidity within the stablecoin industry, according to CEO Paolo Ardoino. He also highlighted Tether’s ongoing investment in various sectors, including sustainable energy, Bitcoin mining, AI infrastructure, peer-to-peer telecommunications, neurotech, and education.
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