Tether, the company behind the world’s leading stablecoin, has announced the elevation of Paolo Ardoino from Chief Technology Officer to Chief Executive Officer. Ardoino, a central figure in the company since 2017, will officially assume his new role in December. He takes over from Jean-Louis van der Velde, who will transition to an advisory role but will continue as the CEO of Bitfinex, Tether’s sister company.
Moreover, Ardoino will retain his other executive roles, including Chief Strategy Officer at Holepunch, a peer-to-peer applications platform backed by Tether and Bitfinex.
“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.”
Jean-Louis Van der Valde on Ardoino’s new role
New ventures, same core mission
Beyond its staple stablecoin, USDT, Tether has expanded its business footprint. The company invested significantly in Holepunch, which launched an encrypted video-calling app, Keet, earlier this year.
Additionally, Tether has stepped into the energy and bitcoin mining sectors, having recently partnered with an unidentified local company in Uruguay and backed Max Keiser’s startup Volcano Energy. The move comes as part of a broader initiative to build partnerships and support development in renewable energy and bitcoin mining.
Ardoino’s expertise and leadership have been lauded as “visionary” within the crypto industry, suggesting that the transition was meticulously planned to align with Tether’s ambitious growth agenda. Despite the company’s business lines, Ardoino clarified that the core focus would remain on the growth of its flagship product, USDT. Ardoino also stated that Tether would unveil a new platform focusing on real-world assets, leveraging its extensive experience in building financial technologies.
While the stablecoin issuer has witnessed spectacular growth, becoming one of the most profitable companies globally, it has not been without its share of controversies. Tether has faced numerous accusations from regulators and detractors concerning “manipulation” and shady practices. However, the company has steadfastly denied all such claims.
Hence, Ardoino’s appointment serves as a strategic move aimed at fostering stability and steering the company through turbulent waters. Significantly, Tether is also reportedly one of the largest holders of US debt, underlining its influence not just in the crypto space but in traditional financial markets as well.
As Bitcoin hovers around the $26,800 mark with subdued price action, the focus now shifts to how Ardoino will navigate Tether in an environment fraught with regulatory scrutiny.
