TL;DR
- Tether plans to double its workforce to strengthen its compliance and finance areas.
- The company generates significant profits with a small workforce and is looking to improve transaction monitoring.
- Tether has begun investing in startups using the returns from its Treasury bonds.
Tether Holdings Ltd., the company behind the$ 115 billion USDT stablecoin, is preparing to double its workforce in an effort to strengthen its capabilities in key areas such as regulatory compliance and financial management.
Tether CEO Paolo Ardoino revealed that the company plans to increase its number of employees to 200 by mid-2025.
This increase in workforce is designed to ensure that Tether continues to operate effectively while managing the impressive sum of $118 billion in assets backing its currency.
Despite its current modest workforce, Tether has proven to be a titan in the financial sector, managing to generate $1.3 billion in profits during the second quarter of the year.
This profitability is mainly driven by the success of its stablecoin, which is widely used in the cryptocurrency world.
The company maintains its focus on recruiting highly qualified personnel to preserve an efficient and flexible organizational structure, which it considers essential to its sustainable growth strategy.
Tether has found itself in the crosshairs of authorities due to concerns over the illicit use of USDT, especially following reports pointing to its use in sanctions evasion schemes by Russian actors.
To address these challenges, Tether has established a collaboration with Chainalysis Inc., with the aim of improving transaction monitoring and ensuring that its currency is not used for illegal purposes.
This partnership allows Tether to implement advanced technologies for the detection and prevention of suspicious activities in the secondary market, where USDT is actively traded.
Tether Investments and Strategic Growth
In addition to strengthening its focus on compliance, Tether has begun using returns from its Treasury bond portfolio to invest in promising startups.
Over the past two years, it has invested roughly $2 billion in startups, including Northern Data Group and Bitdeer Technologies Group.
These strategic investments not only diversify Tether’s revenue streams but also strengthen its position in the technology sector.
Despite planned growth, Ardoino is cautious about expanding the workforce, criticizing the tendency in Silicon Valley to overhire during good economic times only to downsize in downturns.
This inconsistent approach, he says, is one of the most unfair practices for employees.
Instead, Tether seeks sustainable and fair growth, ensuring that its employees are integral to its continued success.
The company’s commitment to controlled expansion and strategic investment underscores its intent to lead the cryptocurrency industry responsibly.
The company is focused on building a robust infrastructure and enhancing its compliance capabilities, while continuing to explore investment opportunities that will drive future growth.
This balanced approach will allow Tether to remain a dominant player in the cryptocurrency world, while adapting to changing regulatory and market demands.
