As a seasoned analyst with over two decades of experience in the financial industry, I find Tether’s recent announcement to double its workforce by mid-2025 both intriguing and promising. The company’s commitment to regulatory compliance, particularly in light of the ongoing scrutiny surrounding stablecoins, is a testament to their maturity as a financial powerhouse.
By the middle of 2025, Tether, a stablecoin issuer, intends to expand its team twice as large as it currently is, aiming to strengthen its adherence to regulatory requirements.
According to a recent interview with Bloomberg, Tether Holdings Ltd.’s CEO, Paulo Ardoino, has revealed plans to grow the company’s workforce to approximately 200 employees. Additionally, Ardoino mentioned that new hires will primarily focus on reinforcing the finance department responsible for managing around $115.5 billion worth of Tether (USDT).
Our team takes great pride in maintaining a lean structure, as we believe it allows us to stay agile and adaptable.
Paolo Ardoino, Tether CEO
According to reports, the company is allegedly exploring methods to efficiently track illegal transactions linked to their stablecoin offering on the aftermarket. Ardoino suggests that this task necessitates employing a variety of highly automated tools.
Tether, the renowned stablecoin provider, has solidified its status as a significant player in the financial sector. Recently, it disclosed a staggering $5.2 billion in profits for the initial half of 2024. Remarkably, Tether managed to accomplish this impressive feat with a relatively modest workforce compared to competitors such as Coinbase and Binance within the virtual asset service provider realm.
1) The business has taken steps to clean up its reputation amid growing questions about the illegal use of its USDT stablecoin. In July, Tether halted a Tron network account containing approximately 29.62 million USDT, which a blockchain analysis firm called Bittrace claims was linked to Huione Guarantee, an online platform often used by fraudsters 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 shared with Forbes that Tether’s profits surpassed expectations he once held. He emphasized that under his leadership, Tether has transformed from just a stablecoin issuer into something more significant.
Over the last two years, it’s been reported that the company has put more than 2 billion dollars into various startups. Among these investments are Northern Data Group and Bitdeer Technologies Group, a publicly-traded U.S. firm. In an interview with Forbes, Ardiono expressed the company’s plan to keep making significant investments in sectors like artificial intelligence and telecommunications.
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2024-08-09 12:40