Tether, the firm behind the top-ranked stablecoin by market cap (USDT), made an early announcement naming Paolo Ardoino, Bitfinex CTO, as its new Chief Executive Officer. Ardoino, who has made notable contributions in the crypto space, will succeed Jean-Louis van der Velde (JL). The new CEO will assume office in December 2023.
Jean-Louis van der Velde (JL) will transition to an advisory role for Tether while retaining his position as Bitfinex CEO, Tether’s sister company. Additionally, Ardoino will continue serving as CTO and CSO for Bitfinex and Chief of Holepunch, a Bitcoin layer-2 solution, respectively.
Tether acknowledged that JL, in his previous role, handled regulatory affairs for the firm and contributed to its current standing. “JL has played a pivotal role in managing Tether’s relationships with regulators worldwide, and his leadership has been instrumental in Tether’s ascent to the pinnacle of the stablecoin industry,” Tether said. The company added that as it continues to thrive, “JL’s expertise in managing global regulatory relationships will prove invaluable.”
Further, Jean-Louis van der Velde remarked that Paolo Ardoino is well-suited for the role as he vacates the position.
“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,” JL said.
For Paolo, it’s an honor to be appointed the new Tether CEO. Assuring he will work with his team, Paolo said that Tether will
“remain committed to transparency, security, and being an unstoppable force in the seamless integration of digital assets into the global financial ecosystem and beyond.”
Ardoino first joined Tether in 2017 as Chief Technology Officer but has been in the cryptocurrency space with Bitfinex since 2014.
Tether’s USDT is the largest stablecoin globally with a current market cap of USD $83B. The firm believes Ardoino Paolo will spearhead its growth in the new technology era as it envisions being a tech-centric organization. Recently, Tether made heavy investments in Northern Data Group, showing commitment to its interest in artificial intelligence.
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