Tether accelerates hiring and investment push…plans to add more than 150 employees over the next 18 months
Summary
- Tether is reported to be planning to hire more than 150 people over the next 18 months, backed by surging profits and growth in USDT market capitalization.
- Tether said it is building a “freedom tech stack” spanning finance, telecommunications, AI and energy, and holds a broad portfolio including South American agriculture, a stake in Juventus, and robotics, satellite and AI technology companies.
- Tether has made hundreds of millions of dollars in investments in Rumble, Gold.com and Anchorage Digital, while pursuing a strategy to secure regulatory footholds and expand its presence in the Middle East, including ADGM.
Tether, the issuer of USDT, the world’s largest stablecoin, is moving to scale up hiring, technology development and strategic investments on the back of surging profits, stepping up its global expansion strategy.
On the 8th (local time), The Block, citing a Financial Times (FT) report, said “Tether plans to increase its headcount of roughly 300 employees by more than 150 over the next 18 months.”
New hires are expected to be primarily engineers, but the company is also recruiting for non-technical roles such as AI video creators (Italy), venture investment specialists (UAE), and regulatory and compliance experts (Ghana and Brazil), according to the report.
The expansion drive has been fueled by USDT’s rapid growth. According to The Block data, USDT’s market capitalization has risen from about $140 billion a year ago to roughly $185 billion recently. Against a backdrop of growing demand for stablecoins, Tether is continuing an aggressive reinvestment strategy.
Paolo Ardoino, Tether’s chief executive officer (CEO), recently outlined a plan to build a so-called “freedom tech stack” spanning finance, telecommunications, artificial intelligence and energy at a conference held in San Salvador, El Salvador. Tether holds a wide-ranging portfolio, from agricultural investments in South America to a stake in Italian football powerhouse Juventus, as well as robotics, satellite and AI technology companies.
In particular, Tether recently invested about $775 million in video platform Rumble, which last month integrated a self-custodial digital-asset (cryptocurrency) wallet into its streaming service. It also invested $150 million in Gold.com to bolster gold-backed assets, and put $100 million into Anchorage Digital, a cryptocurrency bank regulated in the United States.
Tether’s aggressive expansion comes as competition intensifies with Circle, a rival that listed last year, and as regulators in multiple countries step up scrutiny of stablecoin reserves and compliance. Tether is also pursuing a strategy to establish regulatory footholds outside the United States, while expanding its presence in the Middle East, including the Abu Dhabi Global Market (ADGM).
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
