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Stablecoin provider Tether is aiming to enhance its compliance and financial capabilities by increasing its workforce to 200 senior employees by mid-2025. CEO Paolo Ardoino indicated that Tether Holdings currently employs 100 individuals.
In an interview with Bloomberg, Ardoino mentioned that this workforce growth would support Tether’s initiatives in compliance and finance.
Nevertheless, Ardoino expressed caution regarding the pace of workforce expansion.
“We are very careful when we hire people; we only bring on senior personnel,” he stated to the publication.
“There is nothing that I dislike more than those companies, particularly in Silicon Valley, that recruit hundreds of employees during market upswings only to lay them off when the market declines. I believe that is one of the most unjust actions you can take towards employees.”
Tether currently oversees $118 billion in assets that back USDT and intends to bolster its finance department as well.
Tether’s Workforce Growth Following ‘Record-Breaking’ Profits
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Tether has emerged as one of the successful entities in the crypto sector, achieving “record-breaking” profits. The USDT issuer reported a net profit of $5.2 billion for the first half of 2024, fueled by robust revenue from traditional asset investments.
As the largest stablecoin by market capitalization, Tether generated an estimated $6.2 billion in net income in 2023. This figure represents about 78% of Goldman Sachs’ earnings and 72% of Morgan Stanley’s, as noted by Bitwise President Teddy Fusaro in April. He made a comparative remark regarding Tether’s workforce of only 100 employees.
“We take pride in being lean and aim to maintain that efficiency to remain adaptable,” Ardoino told Bloomberg.
Notably, Ardoino discussed the company’s staffing levels on Thursday during the Bitcoin Fundamentals Podcast. Host Preston Pysh shared on X that it is “rumored” Tether has 100 employees.
“And based on their last ‘Quarterly’ earnings, the profit per employee is $13,000,000, which translates to $52M annually 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
LOLEarlier this year, Tether revealed plans to expand its artificial intelligence (AI) initiatives to drive innovation. Concurrently, the company has been actively seeking top-tier talent globally to enhance its growing AI division.
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