Stablecoin provider Tether has appointed its chief technology officer, Paolo Ardoino, as its new CEO, effective from December.
Ardoino will succeed Jean-Louis van der Velde, who will transition to an advisory role for the company while retaining his position as CEO for cryptocurrency exchange Bitfinex, Tether said in a Friday (Oct. 13) press release. In addition, Ardoino will continue in two other roles: chief technology officer at Bitfinex and chief strategy officer at app creation platform Holepunch.
“Paolo is extremely well-suited to lead Tether into this exciting new era,” van der Velde said in the release. “I believe Tether is poised to continue its rapid growth, with a continued focus on emerging markets and transformative technology.”
Ardoino entered the cryptocurrency industry in 2014 when he joined Bitfinex, according to the press release. There, he played a pivotal role in enhancing the crypto exchange’s bitcoin trading capabilities.
He joined Tether in 2017 and helped lead the growth of the company’s market presence and market capitalization, which currently stands at $83 billion, the release said.
In his new role, Ardoino will lead Tether as it works to serve as an infrastructure partner for resilient cities, evolve into a tech-centric organization, and expand the influence of its stablecoin in global trade and exchange, per the release.
“I’m excited to lead our team as we continue to innovate and provide stability in the cryptocurrency and global space,” Ardoino said in the release. “We remain committed to transparency, security and to being an unstoppable force in the seamless integration of digital assets into the global financial ecosystem and beyond.”
When van der Velde transitions from CEO to advisor, he will contribute his expertise in managing global regulatory relationships as Tether diversifies into new verticals, according to the press release.
It was reported in September that Tether saw its market cap fall for the first time in nine months amid a shaky stablecoin market. Its market cap slipped 1.2% to $82.9 billion in August while the entire stablecoin universe shrank 0.4% to $125 billion, continuing a months-long decline, Bloomberg reported at the time.
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