Stablecoin giant Tether has appointed the company’s Chief Technology Officer (CTO) Paolo Ardoino as CEO, assuming the role formerly held by Jean-Louis van der Velde (JL).

Ardoino will formally assume his leadership role beginning in December while continuing to operate as CTO. He also remains CTO of crypto exchange Bitfinex, and Chief Strategy Officer of Holepunch, an app development platform.

Meanwhile, van der Velde will continue to act as an advisor while retaining his role as CEO of crypto exchange Bitfinex, where he’s steered the helm since 2013.

“Paolo is extremely well-suited to lead Tether into this exciting new era,” said van der Velde in a press release from Tether. “I believe Tether is poised to continue its rapid growth, with a continued focus on emerging markets and transformative technology.”

Tether is the world’s largest issuer of “stablecoins” – crypto tokens backed by relatively price-stable assets like precious metals or fiat currency. Its most popular stablecoin backed by US dollars, USDT, has a market cap of over $83 billion, and is backed by even greater-sized reserves, per the company’s reports.

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Author: Andrew Throuvalas

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