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Coinspeaker Tether Plans to Double Its Workforce by Mid-2025 Tether Holdings Ltd, the company behind the world’s largest stablecoin USDT, is planning to expand its workforce over the next year. In a recent interview with Bloomberg, Tether CEO Paolo Ardoino revealed that the company aims to double its headcount by mid-2025, bringing the total number of employees to around 200. This expansion is part of Tether’s strategy to bolster its operations in critical areas such as compliance and finance. Ardoino stated that while Tether is growing, it remains committed to maintaining a lean and agile structure. The CEO also highlighted his company’s careful approach to hiring, focusing on bringing in senior, experienced professionals who can contribute to the company’s growth without bloating the organizational structure. Scrutiny Over Misuse of USDT This expansion comes at a time when Tether continues to face scrutiny over the potential misuse of USDT in illicit activities. Earlier this year, the United Nations Office for Drugs and Crime (UNODC) issued a report highlighting USDT’s role in money laundering activities in Southeast Asia, particularly due to its increasing use on the Tron blockchain. Additionally, a Wall Street Journal report in April accused USDT of being used by Russian arms smugglers to evade US sanctions. In response to these concerns, Tether has been actively cooperating with global authorities to ensure that its stablecoin isn’t being misused. Moreover, it has also joined hands with blockchain analytics firm Chainalysis Inc. to strategically monitor USDT transactions, with sanctions screening and tracking potentially illicit activities on secondary markets, such as trading on over-the-counter desks. Tether’s Success Despite its relatively small workforce, Tether has become a powerhouse in the financial world. USDT currently boasts a market cap of $115 billion, dwarfing its closest competitor, Circle’s USDC, which has a market cap of $34.5…

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Filed under: News - @ August 9, 2024 9:24 am