USDT Issuer Tether Appoints Paolo Ardoino As New CEO – What’s Going On?
Tether, the company behind the largest stablecoin by market capitalization, has appointed Paolo Ardoino to serve at the helm as the company plans new operations.
Ardoino, the former Chief Technology Officer of the company, a position he held since 2017 will replace Jean-Louis van der Velde as the new CEO of the issuer in December 2023.
In an Oct 13 press release, the company announced the decision of Ardoino citing his contributions to the wider crypto ecosystem and his visionary leadership.
According to Tether, the transition is part of the company’s strategy to push new frontiers in global finance while maintaining its position as the leading stablecoin provider.
USDT has a market capitalization of over $83 billion, part of that success can be attributed to the vision of Antonio, the company wrote. However, new entrants into the scene have revealed plans to take a chunk of USDT’s market share.
💲 @PayPal is officially stepping into the stablecoin market. The fintech behemoth is set to become the first major financial institution to launch its own US dollar-backed stablecoin, which will be called PayPal USD (PYUSD).#CryptoNews #Stablecoinshttps://t.co/o2ZiSkStBW— Cryptonews.com (@cryptonews) August 7, 2023
Meanwhile, Van der Velde will transition into an advisory role within the company to give the new leadership all the support in terms of experience and expertise as it diversifies its business. He would also retain his position as the CEO of Bitfinex.
Two executives in synergy
Both the outgoing and incoming chief executives have expressed optimism in the announcement reiterating a commitment to expansion and venture into emerging markets.
Jean-Louis van der Velde stated that Ardoino is well-suited to lead the company into a new era.
“I believe Tether is poised to continue its rapid growth, with a continued focus on emerging markets and transformative technology. I think I can speak for the entire company when I say that we eagerly anticipate Paolo’s leadership as he guides Tether toward a future where finance knows no bounds.”
On his part, Ardoino thanked the company while highlighting his growth so far with plans to lead the team to reshape digital asset finance.
“Together with our community, we can build a future that lifts the barriers to our freedoms. 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,” he added.
Tether eyes new frontier
The company plans to spread its wings to peer-to-peer communications, Bitcoin (BTC) mining, renewable energy, and data storage.
⚡️💰 Tether Plans Bitcoin Mining in Uruguay#Tether, the company behind the largest stablecoin by market cap, said the move “showcases” its commitment to energy innovation and the future of #crypto.#CryptoNews @Tether_tohttps://t.co/PRBBmazlDo— Cryptonews.com (@cryptonews) May 30, 2023
“This strategic transition has been meticulously planned, aligning seamlessly with Tether’s long-term strategy. It reaffirms Tether’s position as a paramount leader in the crypto industry, backed by substantial resources and poised for expansion into new verticals. This transition also emphasizes Tether’s commitment to being a stalwart ally and champion for the future growth and innovation of the crypto industry.”
Last month, it was reported Tether’s investment in Northern Data Group, a German-based digital asset miner to support Artificial Intelligence (AI), data solutions, and peer-to-peer communications.