Outside Source
Stablecoin issuer Tether has announced plans to double its workforce by mid-2025 to bolster compliance with regulatory laws.
Per a recent interview with Bloomberg, chief executive officer Paulo Ardoino said Tether Holdings Ltd. is looking to expand its workforce to 200. The CEO also said the company will be adding staff to its finance department, which manages about $115.5 billion in Tether (USDT).
We are very proud of the fact that we are very lean and we want to remain lean because we want to be flexible.
Paolo Ardoino, Tether CEO
The company is reportedly seeking ways to effectively monitor illicit activities involving its stablecoin product on the secondary market. Ardoino believes monitoring such incidents requires using “different types of tools that are much more automated.”
Tether has positioned itself as a financial powerhouse, recently releasing a financial report showing profits of $5.2 billion in the first half of 2024. The stablecoin issuer achieved these earnings despite having a small workforce compared to virtual asset service providers like Coinbase and Binance.
The company has made efforts to clear its name from the burgeoning scrutiny regarding the illicit use of its USDT stablecoin. In July, Tether froze a Tron network address holding about 29.62 million USDT. According to blockchain analysis company Bittrace, the address was allegedly connected to Huione Guarantee, an online marketplace used by scam operators in Southeast Asia.
In May, Tether announced its partnership with blockchain data security platform Chainalysis to create tools for monitoring secondary market activities involving illicit funds.
Ardiono told Forbes that the company has reached profit margins beyond what he “could have ever dreamed.” He stated that since he took over the ranks as CEO, Tether has evolved beyond its identity as a stablecoin issuer.
The company has reportedly invested over $2 billion in startups over the past two years. Its investments include Northern Data Group and Bitdeer Technologies Group, a US-listed company. Per his interview with Forbes, Ardiono discussed the company’s intention to continue making bold investments in fields such as artificial intelligence and telecommunications.
This article first appeared at crypto.news
