Author: decrypt.co

Translation: defi.io Community

Stablecoin giant Tether has appointed its Chief Technology Officer (CTO) Paolo Ardoino as the new Chief Executive Officer, succeeding the previous role held by Jean-Louis van der Velde (JL).

Ardoino will officially assume the leadership role starting in December while continuing to serve as the Chief Technology Officer. Additionally, he also holds the position of Chief Technology Officer at the cryptocurrency exchange Bitfinex and Chief Strategy Officer at the application development platform Holepunch.

Meanwhile, van der Velde will continue to serve as an advisor and retain his position as the CEO of the cryptocurrency exchange Bitfinex, where he has been at the helm since 2013.

In a press release issued by Tether, van der Velde stated, "Paolo is exceptionally well-suited to lead Tether into this exciting new era. I believe Tether will continue to experience rapid growth and remain focused on emerging markets and transformative technologies."

Tether is the world's largest issuer of stablecoins, which are cryptographic tokens backed by relatively stable assets such as precious metals or fiat currencies. According to the company's reports, its most popular stablecoin, USDT, which is pegged to the US dollar, has a market capitalization exceeding $83 billion and is backed by even larger reserves.

Ardoino has nearly 200,000 followers on Twitter and has been the public face of Tether for many years, representing the company at conferences and making public statements.

Tether stated, "One of his most significant achievements has been co-leading a strategy that has significantly increased Tether's market influence and market capitalization."

He has also authored numerous sharp press releases aimed at dispelling what the company calls "fake news" from news organizations. He frequently engages in debates with users on Twitter, such as a former lawyer from the U.S. Securities and Exchange Commission (SEC) who raised objections about Tether's reserves. In many ways, Ardoino has been the spokesperson for stablecoin issuers over the years.

Despite ongoing questions about the transparency and security of the company's reserves, USDT has not deviated from its peg to the US dollar for a sustained period since its launch in 2014.

However, analysts have noted a "slight devaluation" for much of August, and following the collapse of the algorithmic stablecoin TerraUSD (UST) in May 2022, Ardoino issued a challenge to frightened investors, saying "bring it on." Subsequently, due to billions of dollars in redemptions, USDT briefly pushed the stablecoin's price up to $0.95.

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