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Stablecoin issuer Tether intends to double its workforce within the next year to strengthen areas such as compliance. By mid-2025, the company behind the USDT stablecoin anticipates expanding its headcount to approximately 200 employees, according to Chief Executive Officer Paolo Ardoino.of $1.3 billion in the second quarter of 2024, fueled by its leading stablecoin. In comparison, major crypto exchanges such as Binance and Coinbase employ large workforces.
“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.”in companies like Northern Data Group and the US-listed miner Bitdeer Technologies Group, with plans to continue its investment activities. A June report revealed that just 15 people manage these investments. But Ardoino expressed caution about expanding the workforce too rapidly.
“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 that monitoring for potential illicit activity involving USDT on the secondary market, such as trading on exchanges and OTC desks, requires different types of tools that are much more automated.
Tether, on the other hand, has continued to maintain that it is cooperating with global authorities to prevent illegal use of USDT. ItThe surveillance system is designed to ensure compliance with international sanctions and detect illicit transfers, including potential terrorist financing, helping Tether identify risky or illicit crypto wallets.Top 14 Best Decentralized Finance Projects in 2024
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