Stablecoin issuer Tether has revealed plans to boost its employee count. In a recent Bloomberg interview, Tether CEO Paolo Ardoino shared his goal of expanding to 200 employees.
The company aims to increase its compliance department staff over the coming year. Ardoino stated they would also expand the finance team, which oversees the $115.5B Tether (USDT). He added that new automated tools are needed to track potential legal activity in the USDT secondary market.
Tether CEO shares cryptic number on X
Ardoino shared a cryptic post on X on Aug. 8, featuring the number “115.” This sparked speculation within the crypto community on X, with some suggesting it might be his Bitcoin price target. X user MDB commented that Bitcoin could potentially reach 115k in the next 14 months.
However, the number likely refers to USDT’s current market cap. As per CoinMarketCap data, USDT remains the largest stablecoin, with its market cap now reaching $115.5B. Ardoino probably highlighted this achievement to his community on X.
Tether continues to record mind-boggling profit numbers, even as it faces regulatory hurdles and allegations of USDT being used by money launderers.
Tether reports $1.3 billion profit in Q2 2024
In the Q2 2024 attestation report released in July. 31, 2024, the company reported a profit of $5.2B for the first half of the year. Ardoino highlighted the report’s key points, calling it another successful quarter.
Tether announced a net profit of $1.3B for Q2 2024 and a $520M rise in its group equity. The stablecoin issuer also revealed a $5.33B surplus in reserves. Notably, the company ranked 18th among countries holding US debt in its attestation report. Additionally, the CEO announced two major Tether investments: AI with Northern Data Group and biotech with Blackrock Neurotech.
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