Tether, the flagship stablecoin issuer, announced today the appointment of Paolo Ardoino as its new chief executive officer.
Ardoino will officially take over in December 2023, succeeding Jean-Louis van der Velde, who will transition to an advisory role at Tether and continue as the CEO of Bitfinex.
He is set to juggle multiple roles, maintaining his current positions as chief technology officer for Bitfinex and chief strategy officer for Holepunch.
Since joining Bitfinex in 2014, Ardoino's role primarily revolved around refining the platform's Bitcoin trading features.
His involvement with Tether started in 2017 when he became its chief technology officer. During his tenure, Tether witnessed a growth in market capitalization, which currently stands at $83 billion.
In public discussions and interviews related to Tether and Bitfinex, Ardoino has frequently acted as the representative of the highly controversial company.
In his post on X, Ardoino says that he is "excited" and "humbled" to take the new role.
Who owns Tether?
According to an investigative report by the Wall Street Journal that came out earlier this year, Tether Holdings is primarily controlled by four men: Giancarlo Devasini, Chief Financial Officer; Jean-Louis van der Velde, current CEO of both Tether and Bitfinex; Brock Pierce, cofounder who later departed the company and Christopher Harborne, also known as Chakrit Sakunkrit, who became a significant owner following a Bitfinex hack.
These individuals have diverse backgrounds, from plastic surgery to childhood acting, and their combined ownership encompasses 86% of Tether.
Their involvement and management have faced scrutiny amid the company's controversies.