In a recent interview with Bloomberg, Tether Holdings Ltd. CEO Paulo Ardoino said that the company wants to hire a lot more people and make its tools for tracking finances better.
We are very proud of the fact that we are very lean and we want to remain lean because we want to be flexible.
Paolo Ardoino, Tether CEO
He told us that Tether wants to add 200 more people to its team. The finance department, which is in charge of handling Tether’s assets worth about $115.5 billion, will hire more people because of this growth. The company is making this change because it wants to improve its tracking systems so that it can better deal with illegal activities on secondary markets that use its stablecoin. For these problems to be solved well, Ardoino said we need “different kinds of tools that are much more automated.”
Tether’s Strong Financial Performance
Even though Tether doesn’t have as many employees as significant companies like Coinbase and Binance, it has done very well financially. The business just said that it made $5.2 billion in the first half of 2024. This accomplishment shows how important Tether is to the virtual asset market and its growth.
In the past few months, Tether has been getting more and more attention for the possible illegal use of its USDT stablecoin. Because of this, the company has taken steps to deal with these problems. In July, Tether blocked a Tron network address that had about 29.62 million USDT in it. This address was said to be connected to Huione Guarantee, a Southeast Asian marketplace where scams happen. This move fits with Tether’s larger plan to stop people from abusing its stablecoin.
Tether has also teamed up with Chainalysis, a blockchain data security company, to make cutting-edge tools for keeping an eye on dirty money activities on the secondary market. These ties are meant to help Tether find and deal with tasks that don’t seem right.
Forbes said that Ardoino was happy with how much money the business made and that the rates of return were better than he thought they would be. He talked about how Tether has grown from a service for steady coins to a lot of different business projects. Toys R Us has given more than $2 billion to new businesses in the last two years. Some of these are Bitdeer Technologies Group and Northern Data Group, both of which are sold in the US. He also said that Tether will keep up its strong investment strategy, which is aimed at new areas like AI and phone calls.
