Stablecoin issuer Tether is seeking to expand its compliance and financial reach by doubling-up its workforce by mid-2025. CEO Paolo Ardoino says Tether Holdings will soon reach a headcount of 200 senior staff, which currency has 100 employees.
Speaking to Bloomberg, Ardoino added that the staff expansion would help foster Tether’s reach in areas like compliance and finance.
However, Ardoino noted that he’s cautious about expanding the workforce too aggressively.
“We are very careful when we hire people, we hire only senior people,” he told the publication.
“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.”
Tether currently manages $118 billion of assets backing USDT and plans to add workforce to its finance department as well.
Tether’s Staff Expansion After ‘Record-Breaking’ Profits
Tether has been one of the successful crypto companies in the past with “record breaking” profits. The USDT issuer reported a net profit of $5.2 billion for the first half of 2024, driven by strong revenue from traditional asset investments.
The world’s largest stablecoin by market cap, produced an estimated $6.2 billion in net income in 2023. This is approximately 78% of the number Goldman Sachs did and 72% of Morgan Stanley’s, as flagged by Bitwise President Teddy Fusaro in April. He made a comparative statement that Tether has only 100 employees.
“We are very proud of the fact that we are very lean and we want to remain lean because we want to be flexible,” Adroino told Bloomberg.
Interestingly, Adroino spoke about the company’s staff strength on Thursday at the Bitcoin Fundamentals Podcast. The host Preston Pysh wrote on X that it is “roumored” Tether has 100 employees.
“And based on their last “Quarterly” earnings, the profit per employee is $13,000,000. Which is $52M per year per employee.”
This was a mind-blowing conversation.
It's rumored Tether has 100 employees. And based on their last *QUARTERLY* earnings, the PROFIT per employee is $13,000,000. Which is 52M per year per employee…LOL
We also talk Holepunch technology and why it's important. https://t.co/PqcQWGFLfM— Preston Pysh (@PrestonPysh) August 7, 2024
Early this year, Tether announced the expansion of its artificial intelligence (AI)-focused drive to fuel innovation. Meanwhile, the company has also been globally recruiting top-tier talents to contribute to its burgeoning AI division.
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