Tether set to double workforce, expanding development, investment and compliance teams

Stablecoin firm Tether is set to double its existing workforce to around 200 employees by mid-2025, according to CEO Paolo Ardoino.

The company has historically operated with a streamlined team, currently consisting of just over 100 employees across more than 50 countries, Ardoino told The Block. That’s despite issuing the largest stablecoin, USDT, which has a market capitalization of $115.4 billion, according to The Block’s USDT page.

“This [streamlined] approach allows us to optimize operations through technology and external partnerships, focusing on our core competencies to deliver exceptional value to our customers,” Ardoino said.

However, amid substantial growth that saw Tether generate a record $5.2 billion profit in the first half of 2024, Ardoino said the company recognized the need for strategic expansion.

“By mid-next year, we plan to double our workforce to around 200 employees, with a substantial focus on enhancing our development, investment and compliance teams,” Ardoino said. “This will ensure we have the necessary resources to meet the evolving demands of our expanding user base and ventures." Bloomberg first reported the news.

Tether's growing profits and competition

Benefitting from the post-COVID inflationary environment and subsequent raises in interest rates, Tether has been reinvesting its profits into several projects, including decentralized AI, Bitcoin mining and a peer-to-peer messaging platform called Keet. The company has witnessed growing profits every year since at least 2022.

Last month, Ardoino told The Block that growing competition in the stablecoin market was not only positive but a product of USDT’s success, making the entire stablecoin industry much more solid.

"They are seeing, of course, how much money we are making. So it's normal that everyone will try to get a portion of it,” Ardoino said at the time.

Circle’s USDC is USDT’s largest competitor in the space, with a market cap of around $34.4 billion.

However, USDT, which claims to be backed 1:1 by U.S. dollars or dollar equivalents, is not without its controversy, drawing concerns over the years surrounding the lack of a full independent audit of its reserves. In February 2021, the New York Attorney General's office settled with Tether, requiring the company to pay an $18.5 million fine and mandating quarterly attestations.