Tether CEO Paolo Ardoino has stated that the stablecoin firm will be doubling its existing workforce to around 200 employees by mid-2025.
Tether has been operating with a very trimmed workforce, currently consisting of just over 100 employees across more than 50 countries, Ardoino said. Tether’s stablecoin USDT is the largest with a market capitalization of $115.4 billion.
While Tether’s streamlined approach has allowed for optimal operations through technology and external partnerships, the company is now seeing substantial growth that saw the generation of a record $5.2 billion profit in the first half of 2024.
As such, Tether will need to double its workforce “by mid-next year to around 200 employees, with a substantial focus on enhancing our development, investment, and compliance teams,” Ardoino said.
Circle’s USDC is Tether’s USDT’s largest competitor in the space, with a market cap of around $34.4 billion.
