Tether, the issuer of the world’s largest stablecoin by market capitalization, is replacing its CEO as the company works to expand its areas of focus.
Paolo Ardoino, who has been serving as Tether’s chief technology officer since 2017, will become the new CEO of the firm in December 2023, Tether announced on Oct. 13.
Ardoino will replace Jean-Louis van der Velde, who will transition to an advisory role for Tether while retaining his position as CEO of Tether’s sister company, Bitfinex. Ardoino will continue in his roles as chief technology officer for Bitfinex and chief strategy officer for the Bitcoin layer-2 solution Holepunch.
Ardoino will also “continue to oversee the technology department for the time being” at Tether, a spokesperson for the firm told Cointelegraph.
Tether said the change in leadership reflects the company’s commitment to actively exploring new business operations, including peer-to-peer communications, renewable energy, resilient data storage and Bitcoin (BTC) mining.
As Ardoino has been leading Tether’s expansion strategy over the last couple of years, the transition should be seen as a “natural progression,” a representative of the firm told Cointelegraph.
The firm said Ardoino is the ideal choice for Tether’s CEO due to his significant impact beyond his organizational roles, including his involvement and understanding of Holepunch, Bitcoin mining, hardware and artificial intelligence. Ardoino’s efforts toward enhancing freedom and fostering innovation have also established the exec as one of the most influential figures in the community, Tether stated.
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“Under Paolo’s leadership, Tether will continue to work toward delivering financial services to those in need, reshaping the landscape of global finance,” the Tether spokesperson said, adding:
“Paolo [Ardoino] envisions Tether as a tech powerhouse poised to revolutionize the industry and serve as an infrastructure partner in the development of resilient cities and countries. Tether’s mission also includes expanding the influence of the USD and Bitcoin in global trade and exchange […]”
As previously reported, Tether has been actively developing Bitcoin mining operations in 2023, launching a mining operation in Uruguay in May. The firm has continued its aggressive entry into the Bitcoin mining industry, introducing Tether BTC mining software to enhance the management of mining capacity in August 2023.
In September 2023, Tether invested in German crypto miner Northern Data Group in a move backing artificial intelligence initiatives.
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