Stablecoin issuer Tether has announced the promotion of long-time CTO Paolo Ardoino to chief executive officer as the company looks to become a “tech-centric organization”.
Ardoino To Become Tether’s CEO In December
Tether, the issuer of the world’s biggest stablecoin by market value, has made an unexpected management overhaul.
According to an October 13 announcement, Tether has promoted Paolo Ardoino to CEO. Ardoino, who has been serving as the company’s chief technology officer since 2017, will formally assume his leadership role in December 2023. Ardoino will be replacing Jean-Louis van der, who will transition into an advisory role.
Ardoino will retain his position as CTO for Bitfinex (Tether’s sister company) and chief strategy officer for Bitcoin L2 solution Holepunch, the press release noted. Meanwhile, Velde will continue being the CEO of Bitfinex.
Tether said the change in leadership reflects the company’s vision to become “a tech-centric organization, reshaping the future of finance” instead of just being a stablecoin issuer.
The move also aligns with Tether’s plans to venture into new business operations in peer-to-peer communications, Bitcoin mining, resilient data storage, and renewable energy.
Commenting on his new position, Ardoino posited on X:
“I’m truly excited and humbled to take the role as CEO at Tether. During my journey, started in 2014 with Bitfinex and later in 2017 at Tether, I had the opportunity to meet wonderful people that became great friends and a family. And as a family we achieved incredible results. Together we dream. Together we build. Unstoppable TogETHER.”
Ardoino hopes that Tether will extend the influence of the USD in global trade and exchange, which will guarantee its utility in emerging markets.
Tether has evolved beyond the crypto industry after becoming one of the biggest holders of U.S. Treasuries, including direct T-bill investments, repurchase agreements, and deposits in money market funds. In its most recent quarterly report, Tether said its profits exceeded $1 billion, which makes it one of the most profitable companies globally.