In an unexpected move, Tether, the stablecoin company, has promoted Paolo Ardoino, their Chief Technology Officer, to the position of CEO. Jean-Louis van der Velde, a reclusive crypto executive and entrepreneur, who had been leading the company for several years, will transition to an advisory role at Tether while remaining as the CEO of Bitfinex, a related cryptocurrency exchange. Ardoino will continue to serve as the CTO while taking on the additional responsibilities of CEO.
Tether, known for its USDT token that aims to maintain a 1:1 peg to the US dollar, is one of the largest stablecoin operations globally, with over $80 billion worth of tokens currently in circulation. This stablecoin plays a crucial role in facilitating seamless digital token transactions worldwide.
Van der Velde's departure coincides with Tether's increased scrutiny regarding transparency. The former CEO's absence from the public eye had raised concerns among market observers, questioning the company's transparency practices.