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The world’s largest stablecoin issuer Tether reportedly plans to double its workforce by mid-2025, focusing particularly on the compliance team. Tether Holdings Ltd.’s CEO Paolo Ardoino stated in an interview with Bloomberg on August 8 that according to this plan, they will increase their staff to approximately 200 people.
What’s Happening at Tether?
Ardoino explained that the company is very lean and they are proud of being flexible, and they are very careful in the hiring process, only hiring senior people. Ardoino added that monitoring potentially illegal activities in secondary markets involving the stablecoin requires much more automated and different types of tools.
Primary markets are where users buy or redeem USDT directly with Tether, and secondary markets are crypto exchanges and over-the-counter trading platforms. The company has been scrutinized due to the illegal use of USDT and continues to cooperate with authorities to prevent illegal activities. In May, it partnered with blockchain analytics and security firm Chainalysis to improve transaction monitoring and sanctions screening.
Details on the Subject
Meanwhile, Tether, despite having a much smaller workforce compared to major technology and crypto companies, became a financial powerhouse by achieving record-breaking profits of $5.2 billion in the first half of 2024. Ardoino commented on the subject:
“There is nothing I hate more than all these companies, especially Silicon Valley companies, that hire hundreds of people during bull runs only to lay them off immediately when there is a market downturn.”
In June, Tether launched a gold-backed stablecoin and saw its dollar-pegged stablecoin supply increase by more than 25% since the beginning of 2024. It currently has a circulating supply of $115 billion, giving USDT a significant share of nearly 70% of the overall stablecoin market. According to CoinGecko, its closest competitor Circle has a USD Coin supply of $34.4 billion and a market share of 21%.
