Tether USDT, the leading stablecoin issuer by market share has announced its plan to double its present workforce to contend with the growing success of the country.
The global stablecoin issuer revealed plans to double its workforce to 200 in the middle of 2025, especially in the financial department of the country.
The Chief Executive Officer of Tether, Paulo Ardoino revealed this to the public in a recent Bloomberg interview where he stated that the company is looking to double its workforce to 200 employees. The CEO also revealed that the company is set to add more staff to its financial department which manages about $115.5 billion in Tether.
“We are very proud of the fact that we are very lean and we want to remain lean because we want to be flexible,” Paulo said
The Company is reportedly also focusing on ways to reduce illicit activities carried out with its USDT stablecoins on the secondary market. The CEO argues that implying the use of automated tools could go a long way in monitoring such activities.
How Big is Tether ?
Tether is the largest issuer of stablecoins in the global crypto industry. The company controls about 40% of the global market share and its product USDT remains the most used trading pair in most crypto exchanges.
Tether cemented its position as a big player in the Industry when it posted a financial report revealing how it made $5.2 billion in the first half of 2024.
The stablecoin issuer was able to achieve this with a very slim workforce compared to other crypto entities like Binance and Coinbase.
In an Interview with Forbes Tether CEO admitted that the company has made more money than he ever dreamed off.
Tether is closely tailed by Circle USDC in the stablecoin market.
Accusations of illicit activity
Tether despite its success has dealt with accusations of its product the USDT used for various illicit activities on the secondary market.
Tether has made efforts to tackle this issue with partnerships with blockchain data security platforms like Chainalysis.
In July, Tether froze a Tron network address with a little under $30 million USDT over claims that it belonged to Huione Guarantee, an online marketplace used by scam operators in Southeast Asia.
What to Know
- As of today, the stablecoin market cap is $165.92 billion, with a 24-hour volume of $83.12 billion. The stablecoin industry is fast becoming attractive with global payment giant Paypal joining the market by launching its own stablecoin.
- Paypal launched Paypal USD (PYUSD) to compete with other industry players in this category of cryptocurrencies.
- Stablecoins are cryptocurrencies that have their value pegged to the value of the US dollar on a 1:1 ratio.
