In a surprise move, Tether, the issuer of the world’s largest stablecoin by market capitalization, has promoted its Chief Technology Officer Paolo Ardoino to the role of CEO. Ardoino will be taking over from Jean-Louis van der Velde, who will transition to an advisory role for Tether while retaining his position as CEO for Bitfinex.
I'm truly excited and humbled to take the role as CEO at #Tether.
— Paolo Ardoino 🍐 (@paoloardoino) October 13, 2023
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.… https://t.co/iaDbeKWIk3
The announcement was made on October 13, 2023, and comes at a time when Tether is facing a number of challenges, including regulatory scrutiny and allegations of market manipulation.
Ardoino has been with Tether since 2017, and he is seen as a key figure in the company’s technical development. He is also a vocal advocate for the stablecoin industry, and he has spoken out on a number of occasions about the need for more regulation.
In a statement, Tether said that Ardoino’s promotion is a reflection of his “deep understanding of the technology underlying Tether and his commitment to building a more transparent and regulated ecosystem.”
The company also said that van der Velde’s transition to an advisory role will allow him to focus on “strategic initiatives,” such as working with regulators and developing new products and services.
The management shakeup at Tether is likely to be closely watched by the crypto industry, as the company is one of the most prominent players in the space. It is also likely to raise questions about the future of the company, and whether Ardoino will be able to address the challenges that it is facing.
What does this mean for Tether users?
It is too early to say what Ardoino’s promotion to CEO will mean for Tether users. However, it is worth noting that he is a respected figure in the crypto industry, and he has a deep understanding of the technology underlying Tether.
Ardoino has also said that he is committed to building a more transparent and regulated ecosystem. This is something that Tether users have been calling for some time, so it is possible that Ardoino’s promotion will lead to some positive changes for the company and its users.
Also read: Is Tether (USDT) Stable? Alameda’s Dominant Role in Minting Raises Questions
However, it is also important to note that Tether is still facing a number of challenges, including regulatory scrutiny and allegations of market manipulation. It is possible that these challenges will continue to weigh on the company, even with Ardoino at the helm.
Overall, it is too early to say what the long-term implications of Ardoino’s promotion will be for Tether users. However, it is a development that is worth following closely.
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