LONDON (Reuters) – Paolo Ardoino, the Chief Technology Officer of crypto firm Tether, will take over as CEO starting from December 2023, according to an announcement made by the company on Friday. This unexpected management change marks a significant shake-up for one of the leading tokens in the cryptocurrency world.
The current CEO, Jean-Louis van der Velde, will transition into an advisory role for Tether, the company revealed in a statement.
Tether is known for issuing a stablecoin of the same name, which is designed to maintain a 1:1 ratio with the US dollar. It is widely utilized in crypto-to-crypto trading.
With a total worth of $83.5 billion in circulation, Tether ranks as the third-largest cryptocurrency after bitcoin and ether, as reported by CoinGecko.
Limited information is available about van der Velde, as he tends to maintain a low public profile. On the other hand, Ardoino serves as the company’s public face, regularly posting on the social media platform X (formerly known as Twitter) and engaging with journalists.
Tether stated that Ardoino assumed the role of Chief Technology Officer back in 2017.
(Reporting by Elizabeth Howcroft; Editing by Louise Heavens)
