Tether Eyes Doubling Workforce Amid Recession Fears, Crypto Layoffs Over?

Tether CEO Paolo Ardoino’s recent statements have hinted at the stablecoin giant’s plans to increase its workforce by mid-next year. Speaking in an interview with Bloomberg recently, Ardoino revealed that he expects the firm to reach a headcount of 200 employees in 2025. This statement, in the wake of reversing crypto layoffs and U.S. recession fears, has garnered significant attention across the broader industry. The USDT producer currently boasts an employee base of a mere 100 staff members, with the abovementioned mover marking as a potential game changer for the stablecoin juggernaut.

Tether To Add 100 Employees By Next Year: Paolo Ardoino

According to Paolo Ardoino, the firm’s 200 headcount is expected to be scaled by mid-2025. This operation is aimed at enhancing support in key sectors such as compliance and finance.

“We are very proud of the fact that we are very lean and we want to remain lean because we want to be flexible,” Adroino proclaimed. “We are very careful when we hire people, we hire only senior people,” he added, hinting at the crystal clear vision of offering expertise in cryptocurrency industry standards.

Meanwhile, despite the firm’s small employee base of just 100 staff members, its Q2 results have sent tongues wagging. A post shared by Ardoino previously on X spotlighted that the firm boasted a record-breaking $5.2 billion profit in the first half of 2024, with $1.3 billion in net operating profit only in June.

This data underscored the stablecoin giant’s phenomenal growth, marking a milestone in the crypto industry. Further, as the firm continues to advance, it maintains a strong ethos, with the CEO stating, “There is nothing that I hate more than all those companies, especially Silicon Valley companies, that hire hundreds of people during the bull runs to fire them as soon as there is a downturn in the market.” He further adds that this action could probably be the most unfair deed one can do to their employees.

Simultaneously, upon further investigation, it was found that not only Tether was looking to enlarge its workforce. Despite low job growth in the U.S. and fears of a recession, a couple of other job opportunities in the crypto sector have surfaced.

Also Read: Fed’s Operation Choke Point 2.0 Intact Amid Action on Customers Bank

Crypto Layoffs Reversing?

Intriguingly, a stockpile of crypto-based companies appear to be hiring workforce in recent days. Coinbase’s LinkedIn handle shows that the firm posted a plethora of job opportunities in the U.S. despite disappointing jobs data. These included open positions for ‘Communications Generalists, Talent Engagement Specialists, Onboarding Support, HR,’ and many others.

Simultaneously, Binance, another pioneer in the industry, posted global job openings for numerous positions in recent days. Also, Crypto.com, another renowned player in the industry, appears to be on a hiring spree. Coupled with Tether’s, these openings have sparked a tidal wave of speculations of a crypto layoff reversal across the industry.

Also Read: Donald Trump Jr Hints At Official Crypto Project Launch