Paolo Ardoino Promoted to CEO of Tether
Tether has promoted its Chief Technology Officer (CTO), Paolo Ardoino, to CEO. Even during his tenure as CTO, Ardoino was the public face of the stablecoin issuer. Tether, the issuer of the most dominant stablecoin, USDT, has implemented major changes during its management. Ardoino Continues CTO Role at Bitfinex According to the official announcement from Tether, Ardoino replaces Jean-Louis van der Velde (JL). Meanwhile, he will continue to serve as CTO for the crypto exchange Bitfinex, which is also the sister company of Tether. JL will take charge of the advisory role at Tether while also serving as the CEO of Bitfinex. He said: “Paolo is extremely well-suited to lead Tether into this exciting new era.” Sponsored Sponsored JL was mostly absent from public interactions or community engagement during his tenure. Despite Ardoino being a CTO previously, he was considered to be the public face of the company. Reacting to the announcement of his promotion, a community member wrote: “I’m gonna be honest I thought he already was the CEO.” While another X (Twitter) user congratulated Ardoino and sarcastically wrote: “congrats! no more weird interviewer questions about why the CTO is doing the interviews 🤴” Read more: How To Build a Loyal Crypto Community From Scratch USDT issuer Tether has faced controversy regarding its reserves, facing skepticism from the community and regulators. In October 2021, the Commodity Futures Trading Commission (CFTC) ordered Tether to pay a $41 million fine over claims that the USDT stablecoin is fully backed by US dollars. Before that, in February 2021, it signed an $18.5 million settlement with the New York Attorney General (AG) over false claims of USDT’s backing. Despite that, USDT remains the most dominant stablecoin in the market. The screenshot below shows that the Tether’s stablecoin has a dominance of 67.54%, Stablecoin dominance. Source: DefiLlama Read more: What Is a Stablecoin? A Beginner’s Guide Do you have anything to say about Paolo Ardoino, Tether or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter). For BeInCrypto’s latest Bitcoin (BTC) analysis, click here . Disclaimer In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.