Stablecoin issuer Tether’s Chief Technology Officer Paolo Ardoino has been promoted to the role of CEO, marking an unexpected management overhaul in one of the prominent players in the industry.
Tether said Ardoino will be taking over Jean-Louis van der Velde, who will transition to an advisory role for Tether while retaining his position as CEO for Bitfinex.
- According to the latest announcement shared with CryptoPotato, Ardoino will transition to the new position in December 2023.
- Despite the promotion, he will continue to serve as the Chief Technology Officer for Bitfinex as well as the Chief Strategy Officer for Holepunch.
- Commenting on the development, the exec stated,
“It’s truly an honor to be entrusted with the role of CEO at Tether. I’m excited to lead our team as we continue to innovate and provide stability in the cryptocurrency and global space. Together with our community, we can build a future that lifts the barriers to our freedoms.”
- Ardoino became part of Bitfinex in 2014. Three years later, he took on the position of CTO at Tether.
- During his tenure, Ardoino has been credited for co-leading the strategy responsible for the growth of the world’s largest stablecoin, USDT’s market presence, and market capitalization, in addition to expanding Tether’s business.
- The company said that the latest strategic transition has been “meticulously” planned and aligns with its long-term strategy.
- In an exclusive interview with CryptoPotato last year, Ardoino asserted that Tether does not have any plans to go public.