Paolo Ardoino Becomes New Tether CEO

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The current technical director of Tether, Paolo Ardoino, has been named as the new CEO of the stablecoin issuing company.

He will replace Jean-Louis van der Velde in December 2023, who will remain as the CEO of Bitfinex and move on to work as a consultant for Tether.

Ardoino will also continue to serve as the Chief Technology Officer for the exchange and the Chief Strategy Officer for Holepunch.

The company announced that these changes in leadership have been carefully planned to align with Tether’s long-term strategy.

It also states that this solidifies their position as a leading player in the cryptocurrency industry, with ample resources to expand into new areas.

In the second quarter, Tether reported a net profit of $850 million, with 85% of the USDT collateral being backed by cash and cash equivalents.

In May, Ardoino mentioned that the company’s high profitability opens up the possibility for exploring new business verticals.