Tether, the company behind Tether USD (USDT), has promoted its chief technology officer, Paolo Ardoino, to chief executive officer, the issuer of the world’s largest stablecoin announced on Friday.
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Fast Facts
- Ardoino will be succeeding Jean-Louis van der Velde from December 2023, who will transition to an advisory role for the firm, while retaining his position as the chief executive officer of Bitfinex, Tether’s sister cryptocurrency exchange under the iFinex Inc umbrella.
- Ardoino will maintain his roles as CTO at Bitfinex and chief strategy officer at Holepunch, a Bitcoin layer-2 project funded by Tether and Bitfinex. Ardoino has been serving as Tether’s CTO since 2017.
- Despite Ardoino’s role as CTO for both companies, Bitfinex and Tether, he has been their de facto spokesperson, often representing the companies to address the public and media.
- With US$83.5 billion, USDT is the largest stablecoin by market capitalization, followed by USDC, with a US$25 billion market cap, according to CoinMarketCap data.
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