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In a significant leadership shake-up, Tether, the issuer of the world’s leading stablecoin, has unveiled plans for Paolo Ardoino to assume the role of CEO, effective December 2023. Ardoino, the current Chief Technology Officer (CTO) of Tether, is set to take the reins from the outgoing CEO, Jean-Louis van der Velde, who will transition into an advisory role for the company. Both will continue their roles at Bitfinex, Tether’s sister cryptocurrency exchange.
Ardoino, having joined Tether in 2017 as CTO, has played a pivotal role in shaping the company’s public image and actively engaging with the crypto community through social media and media interactions. He has been responsible for overseeing the technological aspects of Tether, including product and service innovation, while managing Tether’s tech teams.
The Mysterious Outgoing Tether CEO
On the other hand, Van der Velde, who has been Tether’s CEO for several years, has maintained a low profile in the crypto world. Despite leading Tether through various challenges and controversies, including legal battles, regulatory scrutiny, and hacking incidents, little is known about his background and activities, aside from his roles as an entrepreneur and investor across diverse sectors.
Tether, recognized as the creator of USDT, a stablecoin pegged 1:1 to the US dollar, is indispensable in crypto-to-crypto trading. With a market capitalization exceeding $83.5 billion, USDT ranks as the third-largest cryptocurrency, trailing only Bitcoin and Ethereum.
However, concerns have arisen regarding Tether’s claims of backing USDT with a reserve of cash and cash equivalents, prompting critics and regulators to question its transparency and auditability.
Tether has portrayed this management transition as an integral part of its “ongoing evolution.” The company expressed its belief that Ardoino is “extremely well-suited” to steer Tether toward its future objectives. Ardoino, in response to the appointment, stated that he was “honored” and pledged to “uphold Tether’s vision and values.”
I'm truly excited and humbled to take the role as CEO at #Tether.
During my journey, started in 2014 with Bitfinex and later in 2017 at Tether, I had the opportunity to meet wonderful people, that became great friends and a family. And as a family we achieved incredible results.… https://t.co/iaDbeKWIk3— Paolo Ardoino 🍐 (@paoloardoino) October 13, 2023
This change in leadership at Tether marks a significant turning point for the company, as Ardoino’s dynamic and communicative approach may bring a new era of transparency and innovation to the world of stablecoins. Tether’s journey, as one of the crypto world’s most debated and influential entities, is poised for an intriguing chapter under Ardoino’s guidance.
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