- Paolo Ardoino, Tether’s CTO since 2017, was appointed as the new CEO.
- Jean-Louis van der Velde transitions to an advisory role.
- Van der Velde will remain the CEO of Bitfinex.
In a notable announcement, Tether, a leading stablecoin issuer, has named Paolo Ardoino its new Chief Executive Officer. This change, slated for December 2023, marks a significant shift in the company’s leadership dynamics.
Paolo Ardoino’s New Role at Tether
On Thursday, October 13, Tether confirmed Paolo Ardoino’s transition from his previous role as Chief Technology Officer to the position of Chief Executive Officer. Ardoino, who has worked at Tether since 2017, will succeed Jean-Louis van der Velde. At the same time, van der Velde will transition to an advisory role within Tether while maintaining his CEO position at Bitfinex.
Ardoino’s appointment comes after years of involvement with Tether and its associated platforms. The company claims that his contributions, especially in the technical domain, have been recognized within the industry.
Why Tether Chose Ardoino as CEO
Ardoino’s journey with Tether began in 2014 when he joined Tether-affiliated Bitfinex. Over the years, he has played a pivotal role in enhancing Bitfinex’s Bitcoin trading functionalities.
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In 2017, Ardoino further solidified his position by assuming the role of Chief Technology Officer at Tether. He also co-led the strategy that significantly boosted Tether’s market presence, taking its market capitalization to a staggering $83 billion.
On the Flipside
- A recent revelation has revealed that Alameda Research holds a massive 47% stake in USDT minting. This significant stake raises questions about the influence and control Alameda Research might have over Tether’s operations and decisions.
- With Ardoino’s appointment as CEO, past controversies associated with Tether have reemerged. Ardoino, in particular, has been called out in some of these controversies, raising concerns about the company’s future direction and transparency.
Why This Matters
Tether plays a significant role in the stablecoin market, and its strategies can influence the direction of the larger cryptocurrency ecosystem.
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Read more about Tether and the criticism of the company:
Tether (USDT): A Giant With Feet of Clay?
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