Leading stablecoin issuer Tether will soon have a new Chief Executive Officer. Announced today, Paolo Ardoino will replace Jean-Louis van der Velde (JL) as CEO. Ardoino will take over beginning this December. van der Velde will remain CEO of the crypto exchange Bitfinex – a sister company of Tether – and will continue to advise the stablecoin firm.
At the same time, Ardoino will continue to act as CTO of Bitfinex and Chief Strategy Officer of Holepunch.
Ardoino, who has long been the official spokesperson for Tether, said it was an honor to take over as CEO of Tether.
“I’m excited to lead our team as we continue to innovate and provide stability in the cryptocurrency and global space. 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.”
JL said that Ardoino is extremely well-suited to lead Tether, adding that he sees Tether as 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.”
Ardoino joined Bitfinex in 2014 and, in 2017, became CTO of Tether.
Tether is the leading stablecoin in the world with a market cap of over $83 billion trailing only Bitcoin and Ethereum in popularity. Stablecoins have emerged as a key facilitator in the digital asset ecosystem as it creates an on-ramp to the broader crypto-sphere while providing traders with a safe location to park funds in between trades. Yet, while stablecoins are needed for crypto traded the ambitions for Tether and other stablecoins are more extensive. Some observers see stablecoins as the future of payment rails providing instant transfers at a far lower cost than traditional payment providers.
At the same time, questions remain as to how regulation will evolve for stablecoins as well as any competition from potential central bank digital currencies (CBDCs). For now, at least in the US, momentum is on the side of stablecoins, properly regulated, emerging as a top payments and transfers vehicle. Some see stablecoins as a path to buttress the hegemony of the US dollar as the world’s reserve currency.
The company states that Ardoino envisions Tether as a tech powerhouse and an infrastructure partner in the development of resilient cities. Tether’s mission also includes expanding the influence of the USD in global trade and exchange, ensuring its utility in emerging markets and new financial applications.