Block to Lay Off Hundreds Amid Restructure as Tether Grows Workforce

TLDR

• Block may cut up to 10% of staff during annual performance reviews ending in late February.
• This will be Block’s third large layoff round, following cuts in 2024 and 2025.
• Tether plans to hire 150 more staff, growing its team from 300 amid global expansion.
• Tether is investing in AI, energy, communications, and has backed platforms like Rumble.
• Block shares dropped 37% over the past year; Tether’s USDT market cap rose to $185 billion.

Block Inc., led by Jack Dorsey and known for services like Cash App, Square, and Afterpay, is preparing to cut up to 10% of its workforce. The reductions are part of a broader restructuring strategy that will continue through February. At the same time, Tether, the company behind the USDT stablecoin, is growing its team and global presence, directing profits into strategic investments and recruitment.

Block Plans More Layoffs During Ongoing Restructuring

Bloomberg reported that Block is planning to notify hundreds of employees about job cuts as part of annual performance evaluations. The process will affect staff across different departments and will run through the end of February.

This is Block’s third round of job cuts in two years. In January 2024, around 1,000 staff were laid off. Another 931 employees exited in March 2025. These actions follow continuous restructuring efforts that began in 2024, including the integration of Cash App and Square and a pivot toward Bitcoin mining.

Block also reduced its focus on platforms like Tidal and closed its TBD division, while investing in Goose, an in-house AI tool aimed at increasing efficiency.

Mixed Financial Results and Market Reaction

Block’s recent financial performance has been inconsistent. While the second quarter of 2025 showed a 14% increase in gross profit, the third quarter results fell below analyst expectations. Revenue reached $6.11 billion against a projected $6.34 billion, while adjusted earnings per share came in at $0.54, missing the forecast of $0.63.

The market responded with a 10% drop in Block’s share price in after-hours trading. Over the past year, Block shares have fallen by approximately 37%, and 13% since January 2026. The stock closed Friday’s session at $55.97, a 4.85% rise.

Investors will watch closely for Block’s Q4 earnings report on February 26, which may provide more clarity on the cost-reduction strategy and its effect on profitability.

Tether Expands Workforce and Global Operations

As Block cuts jobs, Tether is growing. The stablecoin issuer recently reached 300 employees and plans to hire an additional 150 over the next 18 months. These hires will include developers, regulatory experts, and AI-focused roles in regions like Italy, the UAE, Ghana, and Brazil.

Tether is also increasing its investments in sectors such as robotics, artificial intelligence, and energy. The company has supported projects like satellite communications and video hosting platform Rumble, which recently added crypto wallet functionality.

At a recent conference, CEO Paolo Ardoino presented Tether’s “freedom technology stack,” aiming to combine financial tools, AI, and infrastructure development.

Global Strategy and Competition in Stablecoin Market

Tether continues to compete with firms like Circle while operating under growing regulatory attention. It has responded by expanding into jurisdictions like the Abu Dhabi Global Market, where digital asset regulation is evolving.

The company invested $150 million in Gold.com and another $100 million in Anchorage Digital to strengthen its asset backing and links to regulated infrastructure. Tether’s USDT market capitalization rose from $140 billion to $185 billion over the past year.

While U.S. firms like Block scale back, Tether is using its financial gains to expand into new sectors and build a broader global footprint.