Tether, the company behind the largest stablecoin by market capitalization, has announced the appointment of Paolo Ardoino as the new CEO. Ardoino, who previously served as the Chief Technical Officer since 2017, will replace Jean-Louis van der Velde in December 2023. The decision was made based on Ardoino’s contributions to the wider crypto ecosystem and his visionary leadership.
New Leadership for Expanding Frontiers
Tether’s appointment of Ardoino as CEO is part of the company’s strategic plan to explore new opportunities in global finance while continuing to lead as the premier stablecoin provider. With a market capitalization of over $83 billion, Tether attributes part of its success to the vision of Antonio, the company’s statement reads. However, the emergence of new competitors poses a threat to USDT’s market share.
As part of the transition, Jean-Louis van der Velde will take on an advisory role within the company, providing support and guidance to the new leadership. He will also continue in his position as the CEO of Bitfinex. Both outgoing and incoming CEOs express optimism about the future, emphasizing a commitment to expansion and venturing into emerging markets.
“Ardoino is well-suited to lead the company into a new era,” says Jean-Louis van der Velde. Ardoino, on his part, thanked the company and shared his plans to reshape digital asset finance with the team. He stated, “Together with our community, we can build a future that lifts the barriers to our freedoms.”
With a focus on transparency and security, Tether aims to be a driving force in integrating digital assets into the global financial ecosystem. The company plans to diversify its business into peer-to-peer communications, Bitcoin mining, renewable energy, and data storage.
“This transition reaffirms Tether’s position as a leader in the crypto industry,” the company stated. “With substantial resources, we are poised for expansion into new verticals and committed to championing the growth and innovation of the industry.”
In line with its long-term strategy, Tether recently invested in Northern Data Group, a German-based digital asset miner specializing in AI, data solutions, and peer-to-peer communications.
