Ardoino, the chief technical officer of stablecoin Tether, is named CEO.

October 13, London  – of an unexpected change of leadership for one of the most popular tokens in the cryptocurrency space, Tether said on Friday that Paolo Ardoino, its Chief Technology Officer, will also take on the role of CEO starting in December.

The business released a statement announcing that current CEO Jean-Louis van der Velde will “transition to an advisory role for Tether”.

Tether problems a stablecoin, popularly known as Tether, that is frequently utilized in crypto-to-crypto trade and is intended to maintain a steady value of $1.

Tether is the third-largest cryptocurrency after bitcoin and ether, with $83.5 billion in circulation, according to CoinGecko.

Van der Velde is a private person who is not well recognized. As the company’s public face, Ardoino speaks with journalists and publishes content often on the social media site X, which was formerly known as Twitter.

According to Tether, Ardoino joined the firm in 2017 as its chief technical officer. He declared himself “excited and humbled” to be the CEO of X on Friday.

In the statement released by the firm, Van der Velde added that Ardoino was “extremely well-suited to lead Tether into this exciting new era.”

ARDOINO’S TECHNICAL ASSETS

According to Bitfinex’s website, Ardoino attended the University of Genoa in Italy to study computer science.

He experimented “extensively” with encryption after graduating in 2008 and worked as a researcher for a military project before starting to create apps connected to money in 2010, according to the website.

Ardoino lists himself as a highly accomplished programmer on LinkedIn and claims that the “cypherpunk and open-source movements” are the foundation of his mindset.

A “cypherpunk” is a person who supports employing technology, such as encryption, to boost their online anonymity or privacy.

Ardoino’s profile states, “My greatest passion is pushing the boundaries of what’s possible with technology,” and he is located in the UK.

Ardoino has criticized media coverage of Tether using his X account.

TETHER’S HOLDINGS

According to the corporation, Tether’s holdings of dollar-denominated assets, such as US Treasury bonds, sustain its peg.

As a condition of a 2021 settlement with the office of the New York Attorney General, Tether committed to provide biannual updates on its reserves. According to Tether’s website, it fulfilled this prerequisite earlier this year.

Banks holding stablecoins have been alerted by US regulators about the possibility of sudden withdrawals, such as when holders rush to convert their tokens back into fiat money.

The whereabouts of Ardoino and van der Velde, as well as Tether’s workforce, were not disclosed in the company’s announcement.

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