Tether CEO steps down, appoints CTO Paul as successor to USDT

Source: decrypt.co
Translation: defi.io Community

Stablecoin giant Tether has appointed the company's Chief Technology Officer (CTO) Paolo Ardoino as the new Chief Executive Officer (CEO), succeeding JL van der Velde.

Ardoino will officially take on the leadership role starting in December while continuing to serve as CTO. Additionally, he is also the CTO of cryptocurrency exchange Bitfinex and the Chief Strategy Officer of the application development platform Holepunch.

Meanwhile, van der Velde will continue to serve as an advisor while retaining his position as CEO of the cryptocurrency exchange Bitfinex, a role he has held since 2013.

In a press release from Tether, van der Velde stated, "Paolo is very well-suited to lead Tether into this exciting new era. I believe Tether will continue to grow rapidly and remain focused on emerging markets and transformative technologies."

Tether is the world's largest issuer of "stablecoins"—cryptographic tokens backed by relatively stable assets such as precious metals or fiat currencies. According to the company's report, its most popular dollar-backed stablecoin, USDT, has a market capitalization of over $83 billion, with larger reserves backing it.

Ardoino has nearly 200,000 followers on X (Twitter) and has been the public face of Tether for years, representing the company at conferences and making public statements.

Tether stated, "One of his most notable achievements is co-leading a strategy that significantly increased Tether's market influence and market capitalization."

He has also written numerous pointed press releases aimed at dispelling what news agencies call "misinformation." He often engages in debates on Twitter with users, including a former SEC lawyer who raised concerns about Tether's reserves. In many ways, Ardoino has been the spokesperson for the stablecoin issuer over the years.

Despite ongoing questions about the transparency and security of the company's reserves, USDT has not lost its peg to the dollar for an extended period since its launch in 2014.

However, analysts have noted that there was a "slight depreciation" for most of August recently. After the algorithmic stablecoin TerraUSD (UST) collapsed in May 2022, Ardoino challenged frightened investors by saying, "Let them come." Subsequently, USDT briefly pushed the stablecoin price up to $0.95 due to facing billions of dollars in redemptions.