Tether has named Paolo Ardoino as its new chief executive officer, the stablecoin issuer announced in a web post on Friday.
Ardoino, who succeeds Jean-Louis van der Velde, will assume his new role in December but continue as chief technology officer of Bitfinex and chief strategy officer for Holepunch, both Tether sibling companies. Van der Velde will switch to an advisory role for Tether while remaining Bitfinex CEO.
“I’m excited to lead our team as we continue to innovate and provide stability in the cryptocurrency and global space,” Ardoino said in a statement, adding that the firm “remain(s) committed to transparency, security, and to being an unstoppable force in the seamless integration of digital assets into the global financial ecosystem and beyond.”
Tether is the world’s largest stablecoin with a market capitalization of more than $83.5 billion, more than three times its closest rival, according to CoinMarketCap data.
But in recent years, it has also faced increasing scrutiny for an alleged lack of openness in its financial record-keeping and other practices. Documents provided to CoinDesk and other media outlets this year after a Freedom of Information Request showed that Tether had tied up a large amount of its reserves in unsecured corporate debt known as commercial paper, a riskier asset that is more difficult to convert into cash. In 2021, the company incurred $18.5 million in penalties from the New York Attorney General, which said Tether had lied about its reserves.
Ardoino joined Bitfinex in 2014 and became Tether’s chief technology officer in 2017. In its statement, Tether called him “a passionate advocate for financial inclusion in emerging markets.”
Van der Velde said in the statement that Ardoino was “extremely well-suited to lead Tether into this exciting new era.
“Tether is poised to continue its rapid growth, with a continued focus on emerging markets and transformative technology,” he said.
Tether Appoints Paolo Ardoino (@paoloardoino ) as CEO
Read More: https://t.co/q8acekaQ9l
— Tether (@Tether_to) October 13, 2023