Stablecoin issuer Tether has promoted its long-time chief technology officer, Paolo Ardoino, to the role of chief executive officer.
Ardoino will assume the new position in December, succeeding the current CEO, Jean-Louis van der Velde, who will transition to an advisory role for the firm, the company said in a statement on Friday.
Despite the promotion, Ardoino will still serve as the CTO of Bitfinex and chief strategy officer for Holepunch. Verde will also retain his role as the CEO of Bitfinex, a crypto exchange and sister company of Tether.
Commenting on the appointment, Velde said that Ardoino is very well-suited to lead the firm into an exciting new era. He added:
“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”.
Ardoino became Tether’s CTO in 2017 after joining Bitfinex three years prior. He has been acting as the public face of the company, interacting with journalists, posting on the social media platform X (formerly Twitter).
He has been credited for co-leading the strategy responsible for the growth of the stablecoin, its market presence, and market capitalization, in addition to expanding Tether’s business.
During that time, Tether’s (USDT) became the largest stablecoin, growing from less than $100 million to a current supply of $83.5 billion, according to Coinstats.
Ardoino’s promotion comes as Tether envisions expanding from being just a stablecoin issuer to becoming a tech-centric organization and reshaping the future of finance. The firm has been venturing into new business over the past year. One of which is the launch of a peer-to-peer encrypted video-calling app called Keet in June 2022.
According to Tether, Ardoino will start his tenure by focusing on technological advancements, supporting peer-to-peer projects, and participating in bitcoin mining initiatives. The company also plans to collaborate with regulators to establish clearer guidelines and foster greater compliance within the cryptocurrency space as it will bring broader technological and industry advancement.
Launched in 2014, Tether USDT is the third biggest cryptocurrency, following bitcoin and ether. It is designed to maintain a 1:1 dollar peg and is widely used in crypto-to-crypto trading.
