Tether Plans to Increase Workforce to 200 in Mid-2025 – Report

Tether Holdings Ltd., the USDT stablecoin issuer, is reportedly preparing to increase its workforce by mid-2025. According to a Bloomberg report, the company plans to double its staff to 200 and focus more on its compliance unit.

However, despite the proposed increase, the stablecoin issuer will still have fewer workers than most crypto and tech entities.

Tether to Double Staff Strength to 200

Tether's CEO Paolo Ardoino disclosed the company's plans to double its workforce during an interview with Bloomberg on August 8. According to the details, the firm will increase its staff strength to 200 by mid-2025.

Further, the CEO acknowledged that Tether maintains a lean workforce as it prioritizes flexibility over numbers. Moreover, the firm is quite cautious with its recruitment processes to ensure that it absorbs only the right personnel into the company.

Ardoino stated: 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.

Moreover, Tether has faced increased scrutiny regarding the potential illicit use of USDT in crypto.

Most investigations and skepticism center on the firm's involvement in the secondary markets. Many have also questioned Tether's measures to curb illicit activities with its stablecoin USDT.

For context, the primary markets involve direct interactions between users and Tether when buying or redeeming USDT. On the other hand, the secondary markets involve crypto exchanges and other entities, including over-the-counter trading platforms.

The Tether CEO highlighted the need to watch closely for possible illegal activity on the secondary markets with USDT trades. He noted that such processes require more advanced, automated, and relevant tools.

Recently, Tether has cooperated with relevant authorities and security entities to prevent such growing illegal activities.

Tether sealed a partnership deal with blockchain security and analytics company Chainalysis in May to beef up the watch over USDT-related transactions. The collaboration also aims to support the firm in screening sanctions in the industry.

Tether Breaks Record with Q2 2024 Report Amid Small Staff Strength

Tether, the largest global stablecoin issuer, has proven its stance in the industry with impressive Q2 2024 results. Despite its small staff strength of just 100, the firm remains a prominent player in the stablecoin market.

Tether amassed a net profit of over $1.3 billion in Q2 2024, and its first-half report for the year showed a whopping $5.2 billion in profit. This report reflects Tether's phenomenal growth and marks a remarkable feat in the crypto industry.

Additionally, USDT has recorded over 25% spike in its supply since January 2024. The stablecoin now boasts a market cap of over $115.44 billion as of August 9.

Tether's move for staff increase comes amid the US's low job growth and possible recession. However, Tether is not the only crypto industry firm planning to spike its workforce.

According to Coinbase's LinkedIn account, the company has open job positions in the US. Some of the positions include Talent Engagement Specialists, Communications Generalists, and Onboarding Support.

Also, the leading crypto exchange, Binance, has posted job openings. Similarly, Crypto.com, a prominent Singapore-based crypto exchange, hired some staff earlier this year.

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