Head of Underwriting - Digital Asset Financing

About the role

Tether is looking for a Head of Underwriting to drive underwriting activities across Digital Asset Financing. This is a senior, hands-on role requiring strong financial and credit analysis capabilities, sound commercial judgement and a deep understanding of counterparty risk. You will assess financing opportunities, evaluate institutional counterparties and structure transactions that balance commercial objectives with robust risk management.

Key responsibilities

• Lead the credit assessment of borrowers (funds, miners, trading firms, corporates) from initial due diligence through transaction evaluation and approval recommendations.
• Analyse counterparty financial statements, liquidity, leverage, trading strategy, business models and overall creditworthiness.
• Evaluate digital asset collateral, collateral coverage, market volatility, liquidity and liquidation risks, where applicable.
• Assess the operational and custodial setup of counterparties.
• Structure terms, recommending appropriate LTV, tenor, covenants and margining.
• Identify and assess counterparty, market, concentration and operational risks associated with proposed transactions.
• Prepare clear, evidence-based underwriting assessments and present recommendations to decision-makers.
• Monitor existing exposures, identify emerging risks and recommend mitigation measures.
• Collaborate with internal stakeholders to support efficient transaction execution while maintaining disciplined underwriting standards.
• Continuously improve underwriting methodologies in response to evolving digital asset markets, products and risk dynamics.

Required profile

• 7+ years of relevant experience in underwriting, lending, credit risk, digital asset financing or a comparable field.
• Strong commercial acumen and the ability to balance business opportunities with prudent risk management.
• Excellent English communication skills.
• Ability to work in a fast-paced, international environment and make sound decisions under pressure.

Required skills

• Financial analysis, counterparty assessment, loan structuring (LTV, rates, thresholds) and credit risk evaluation.
• Understanding of collateral types such as BTC/ETC, custody and transfers.
• Margin mechanics, including margin requirements, collateralisation, loan-to-value ratios, margin thresholds and liquidation processes.
• Counterparty due diligence and ongoing risk monitoring, including margin calls, margin breaches and timely escalation.
• Understanding of digital assets, collateralised financing, cryptocurrency markets and associated liquidity and volatility risks.