Stablecoin issuer, Tether, has disclosed its plans to ramp up its employee count. In a recent interview with Bloomberg, Tether CEO, Paolo Ardoino, announced his vision of reaching 200 employees.
The company plans to increase the staff count in its compliance department over the next year. Ardoino stated that they would add employees to the finance wing, which manages the $115.5 billion in USDT. He also mentioned during the interview that different automated tools are necessary to monitor potential legal activity in the secondary market, which involves USDT.
Tether CEO posts cryptic number on X
Prior to the interview, Ardoino posted a cryptic message on X on August 8 with the number “115.” The crypto community on X began dissecting what the number could mean. Some posted under his tweet that it could be his Bitcoin price target. X user MDB said, “agree, very likely for bitcoin to hit 115k in the next 14 months.”
115
— Paolo Ardoino 🤖🍐 (@paoloardoino) August 8, 2024
However, the number points out USDT’s current market cap. According to CoinMarketCap data, USDT is the largest stablecoin, with the market cap now hitting $115.5 billion. Ardoino was likely sharing this milestone with his community on X.
Despite the regulatory hurdles and the allegations of USDT being used by money launderers, Tether has been recording mind boggling profit numbers.
Tether records $1.3 billion profit in Q2 2024
In a recent Q2 2024 attestation report released on July 31, 2024, the company recorded $5.2 billion in profit in the first half of 2024. Ardoino tweeted the main highlights from the report, stating that it was another great quarter.
Tether reported a $1.3 billion in net profit for Q2 2024 and a $520 million increase in the company’s group own equity. The stablecoin issuer also reported a $5.33 billion excess reserve. One of the primary milestones that the company mentioned in the attestation report is its positioning as 18th in the rankings of countries owning US debt.
Ardoino said, “Our attestation data shows our company’s commitment to this endeavor. Tether’s management, in fact, decided to keep $5.33 billion in Excess Reserves as part of the stablecoin reserves to further protect USDT’s global user base, accounting for hundreds of millions of people globally.”
The CEO also announced two large investments by Tether. The first, with Northern Data Group, in the AI industry, and the second investment was in Blackrock Neurotech in the Biotech space.
