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Paolo Ardoino Promoted to CEO of Tether

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Updated by Geraint Price
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In Brief

  • Tether, the issuer of dominant stablecoin USDT, has promoted its CTO, Paolo Ardoino, to CEO while he continues as CTO at Bitfinex.
  • Former Tether CEO, Jean-Louis van der Velde, will serve in an advisory role at Tether and continue as Bitfinex CEO.
  • Despite controversies and fines over USDT's backing, Tether's stablecoin maintains a market dominance of 67.54%.
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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.”

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%,

USDT, Tether, stablecoin
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.

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Harsh Notariya
Harsh Notariya is an Editorial Standards Lead at BeInCrypto, who also writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created...
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