Tether Plans to Double Its Team by 2025, Focusing on Compliance and Finance

The stablecoin issuer Tether aims to reach new crypto milestones: team expansion As anticipated, Tether, the issuer of the stablecoin USDT, has recently unveiled ambitious plans to significantly expand its team.

Stablecoin issuer Tether is aiming for new crypto milestones with a planned team expansion.

As reported by Bloomberg on Friday, Tether, the company behind the leading stablecoin USDT, recently announced its plans to double its team size.

The expansion will primarily focus on the compliance and finance departments.

In an interview with the news outlet, Tether’s Chief Technology Officer Paolo Ardoino stated that the company aims to increase its employee count to 200.

This expansion is being undertaken to efficiently manage the company's vast assets, which currently total $115.5 billion.

Ardoino highlighted the importance of deploying automated tools to monitor and manage potential legal activities in the secondary market related to USDT.

Prior to the interview, Ardoino posted a cryptic message on social media platform X, which simply included the number "115." This sparked speculation among users, with many interpreting it as a prediction for the price of Bitcoin.

However, the number ultimately pertains to the current market capitalization of USDT, which stands at $115.5 billion, solidifying its position as the largest stablecoin in the crypto domain.

Despite facing regulatory scrutiny and criticism over the years, Tether has achieved remarkable financial growth.

In its report for the period ending July 31, 2024, the company revealed a net income of $5.23 billion for the first half of the year, including earnings of $1.33 billion in Q2.

Moreover, Tether boasts an excess reserve of $5.33 billion, underscoring its commitment to financial stability and the protection of its vast user base.

Ardoino also announced two major investments — one in artificial intelligence with Northern Data Group and another in biotechnology with Blackrock Neurotech, highlighting Tether's broader interests in科技 innovation and diversification.

Tether favors Bitcoin for its investment strategy, ruling out Ethereum

In a recent statement, Tether's Chief Technology Officer Paolo Ardoino expressed a preference for Bitcoin as the primary asset for the company's investment strategy, dismissing the possibility of allocating funds in Ethereum.

Despite being the second cryptocurrency by market capitalization, Ardoino seems to favor Bitcoin's characteristics over allocating any funds on ETH.

Ardoino's preference stems from Bitcoin's immutability and limited supply of 21 million coins, which he views as a safer and more valuable long-term investment option compared to Ethereum.

Earlier this year, in May 2024, Tether announced a plan to allocate 15% of its profits in Bitcoin, reflecting Ardoino’s optimism in the cryptocurrency's growth potential.

This investment was channeled through Tether's investment arm, aiming to diversify the company's reserves and utilizing Bitcoin as a stable store of value over the long term.

On the other hand, Ardoino has not shied away from criticizing Ethereum, especially following the much-anticipated Merge update, for its failure to maintain a coherent narrative and to compete with Bitcoin's stability.

Ardoino also highlighted the declining performance of Ethereum compared to Bitcoin over the years, evident in the drastic shift from the peak of 0.088 in December 2021.

This performance disparity became especially apparent in 2024, with Ethereum showing a decline of 45% compared to Bitcoin.

Despite a brief rally in May due to the approval of several spot ETFs, which saw a surge in ETH relative to BTC, this momentum was short-lived. Notably, overall crypto exchange inflows remained underwhelming. This lack of sustained momentum further solidifies Ardoino's preference for Bitcoin in Tether's strategic investment blueprint.

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