Per an official press release, the company behind the biggest stablecoin in the world, Tether, announced a change in its top executives. The company announced that Paolo Ardoino, its current CTO, will take over the position of CEO starting in December 2023.
Tether Announces Changes In Its Leadership
Tether claims Ardoino made significant contributions to the company and called its leadership “visionary” in the crypto space. Ardoino will replace Jean Lous van der Velde, the current CEO of the crypto company, but will remain as the CTO at crypto exchange Bitfinex and CSO at Holepunch.
The announcement confirmed that van der Velde will assume a new position as an advisor for Tether. However, van der Velde will remain as the CEO of Bitfinex.
Ardoino has been the CTO of Tether since 2017. Since taking over the position, the stablecoin USDT has become the number one digital asset in the world, and Tether has become a major player in the crypto space and traditional finances.
Jean Lous van der Velde, the current CEO at the crypto company, said the following about Ardoino’s appointment:
Paolo is extremely well-suited to lead Tether into this exciting new era. I believe Tether is poised to continue its rapid growth, with a continued focus on emerging markets and transformative technology. I think I can speak for the entire company when I say that we eagerly anticipate Paolo’s leadership as he guides Tether toward a future where finance knows no bounds.
The company claims the transition to a new CEO has been “meticulously planned.” Ardoino’s appointment intends to convey that the company is “committed” to the crypto industry’s future growth.
Via social media platform X, Ardoino stated the following regarding his new position:
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. Together we dream. Together we build. Unstoppable TogETHER.
Tether has grown beyond the crypto space by becoming one of the largest holders of US debt. In its latest quarterly report, the company reported almost $1 billion in profits, making it one of the most profitable companies in the world.
Ardoino has acted as CEO, as mentioned, for over 5 years, but on social media platforms and in the crypto community, he has been the face of the company.
However, Tether’s meteoric rise has seen its fair share of controversy as the company faces regulators, detractors, and other entities that accused it of “manipulation” and shady practices. The company has denied each of these accusations.
As of this writing, Bitcoin trades at $26,900 with sideways price action on low timeframes.
Cover image from Unsplash, chart from Tradingview