Tether, the issuer of USDT, which is the world’s largest stablecoin by market capitalization, has announced the appointment of its new CEO.
Tether is a major player in the world of stablecoins. Their USDT token is designed to always be worth one U.S. dollar, and it’s the largest stablecoin in terms of market value, with over $80 billion worth of tokens in use right now. Stablecoins are important in the cryptocurrency market because they allow traders to switch between digital currencies quickly and easily, no matter where they are in the world, at any time.
Paolo Ardoino, who has been working as the Chief Technology Officer of Tether since 2017, will replace the current CEO, Jean-Louis van ver Velde, in December of 2023.
Van ver Velde will take up a new advisory role at Tether while still holding the position of CEO he has at crypto exchange Bitfinex, which has close associations with Tether. The company has stated that the change in leadership shows its commitment to seeking new business operations. Arduino will continue working in the capacity of Chief Technology Officer for Bitfinex and Chief Strategy Officer for Holepunch, which is a Bitcoin Layer-2 solution company. Along with continuing his current duties, the firm has stated that Arduino will also continue to oversee the technology department for the time being.
The company has said that by announcing the change in leadership, they are showing more commitment to its cause of exploring new business areas, including Bitcoin mining, peer-to-peer communications, clean energy sources, and strong data storage.
Arduino has been in charge of Tether’s plans for growth in recent years, so his transition into the new role would be smooth, according to a spokesperson for the firm.
The company believes that Arduino is the right fit for Tether’s CEO position. They say this because he’s made a big impact, not just in his job, but also in the company’s other operations like Holepunch, Bitcoin mining, hardware, and artificial intelligence. Ardoino’s work in promoting freedom and encouraging new ideas has made him a highly influential person in the community, according to Tether.
A spokesperson for Tether stated that the Firm will continue its efforts toward delivering financial services to those in need under their new CEO’s leadership and guidance. The firm also said that it will try to continue in its endeavours of reshaping the landscape of global finance.
The spokesperson for Tether further stated that Arduino has a vision for the company that will Tether become a powerhouse in the tech industry that will be the main catalyst in revolutionizing the industry and serve as an infrastructure partner in the development of robust cities and countries. Lastly, the spokesperson mentioned that the firm will also strive to expand the influence of Bitcoin and USD in global trade and exchange.
