Paolo Ardoino appointed CEO, leading Tether into a limitless financial future

The stablecoin issuer Tether has promoted its long-time Chief Technology Officer, Paolo Ardoino, to the position of Chief Executive Officer, emphasizing Tether's position as a "technology-focused organization." Ardoino will assume the new role in December, while the current CEO, Jean-Louis van der Velde, will transition to an advisory role.

Paolo Ardoino Promoted to CEO in December

According to a press release by Tether, Paolo Ardoino, the Chief Technology Officer of Tether, will be promoted to Chief Executive Officer in December. He will also continue to serve as the Chief Technology Officer of its sister exchange Bitfinex and the Chief Strategy Officer of affiliated company Holepunch, temporarily overseeing Tether's technology department.

Ardoino joined Bitfinex in 2014 and Tether in 2017. He has been a key figure in Tether's external communications and press releases. Tether credits Ardoino's innovation and exceptional ability to expand business for leading to significant market share growth and solidifying Tether's position as a global stablecoin leader and essential player in the cryptocurrency ecosystem.

Current CEO Jean-Louis van der Velde praised him saying:

Leading Tether into the limitless future of finance!

Tether Actively Expanding into New Areas

The stablecoin issuer Tether has been actively expanding into new areas in the past year.

In July of last year, in collaboration with the exchange Bitfinex and the cryptographic distributed system developer Hypercore, they launched a fully encrypted platform "Holepunch" for building peer-to-peer applications. The first application on it is a free audio-video communication app called "Keet", similar to Google Meet but more decentralized and privacy-focused.

Tether is also working on developing RGB, a client-state verification and smart contract system that operates on Bitcoin's L2 and L3 layers and can work on L1 and the Lightning Network for better scalability.

This year, besides using realized net operating income to purchase Bitcoin, Tether has also announced its entry into the Bitcoin mining business. They have partnered with a licensed company in Uruguay in South America to start sustainable Bitcoin mining operations. Additionally, Tether participated in the first round of investment in El Salvador, where they will support and promote sustainable Bitcoin mining using renewable energy, while also providing funding and utilizing their expertise in energy, hardware, and communication to build volcanic energy sources.

In August, Paolo Ardoino also mentioned on Twitter that Tether may soon launch a mobile app supporting features like direct payments, custody, and the Lightning Network. He claimed to have seen the "future of traditional finance"!