Paolo Ardoino Promoted to CEO of Tether

Tether has promoted its Chief Technology Officer (CTO), Paolo Ardoino, to CEO. Even during his tenure as CTO, Ardoino was the public face of the stablecoin issuer.

Tether, the issuer of the most dominant stablecoin, USDT, has implemented major changes during its management.

Ardoino Continues CTO Role at Bitfinex

According to the official announcement from Tether, Ardoino replaces Jean-Louis van der Velde (JL). Meanwhile, he will continue to serve as CTO for the crypto exchange Bitfinex, which is also the sister company of Tether.

JL will take charge of the advisory role at Tether while also serving as the CEO of Bitfinex. He said:

“Paolo is extremely well-suited to lead Tether into this exciting new era.”

JL was mostly absent from public interactions or community engagement during his tenure. Despite Ardoino being a CTO previously, he was considered to be the public face of the company. Reacting to the announcement of his promotion, a community member wrote:

“I’m gonna be honest I thought he already was the CEO.”

While another X (Twitter) user congratulated Ardoino and sarcastically wrote:

“congrats! no more weird interviewer questions about why the CTO is doing the interviews ”

Read more: How To Build a Loyal Crypto Community From Scratch

USDT issuer Tether has faced controversy regarding its reserves, facing skepticism from the community and regulators. In October 2021, the Commodity Futures Trading Commission (CFTC) ordered Tether to pay a $41 million fine over claims that the USDT stablecoin is fully backed by US dollars.

Before that, in February 2021, it signed an $18.5 million settlement with the New York Attorney General (AG) over false claims of USDT’s backing. Despite that, USDT remains the most dominant stablecoin in the market. The screenshot below shows that the Tether’s stablecoin has a dominance of 67.54%,

USDT, Tether, stablecoin
Stablecoin dominance. Source: DefiLlama

Read more: What Is a Stablecoin? A Beginner’s Guide

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