Paolo Ardoino has been the stablecoin giant’s face for some time. The Tether’s chief technology officer (CTO) has been appointed the chief executive officer to assume the role Jean-Louis van der Velde (JL) previously held.
Paul will officially start his leadership role in December as he will continue serving as the chief technology executive during the transition. Besides, he remains Bitfitnex’s CTO and Holepunch’s Chief Strategy Officer. The latter is an application development platform.
Tether’s Current Chief Executive Assuming Advisory Role Starting December
In the meantime, JL will continue serving as an advisor while maintaining his chief executive officer role at Bitfinex, a crypto exchange, where he has reigned since 2013.
In a press statement from Tether, van der Velde said Paulo is best suited to run the firm into this thrilling age. He also expressed confidence that he will promote growth, with consistent emphasis on upcoming markets and transformative technology.
At present, Tether is the globe’s largest ‘stablecoins’ issuer. Stablecoins are tokens supported by fairly price-stable assets such as fiat currency and precious metals. USDT, its most famous stablecoin supported by United States dollars, has a market capitalization of more than $83B. A recent report by the firm underscored its robust reserve system to an equivalent of circulating stablecoin USDT backed.
Ardoino’s Rise to Chief Executive Role Earned by Input in Co-leading Tether’s Strategies
Ardoino has an estimated 200000 X (Twitter) followers and has for some time acted as Tether’s public face by turning up at conferences and providing public statements on behalf of the firm. Tether wrote that co-leading the strategy that resulted in the significant growth of the firm’s market capitalization and presence was one of his most distinguished accomplishments.
Ardoino has authored several fiercely written press releases aimed at dismissing the supposed ‘FUD’ by news outlets. Frequently, he argues with Twitter users, for instance, an ex-SEC lawyer who criticized the firm because of its reserves. In most cases, he has been the stablecoin issuer’s face for years.
Despite the persistence of questions regarding the security and clarity of the firm’s reserve structure, USDT has not lost its dollar peg for a sustained time frame since its introduction in 2014.
Tether’s USDT Navigates TerraUSD Collapse and Subsequent Depeg
Tether has realized a steady match to overcome emergent challenges in taking the third spot behind Bitcoin and Ethereum in market capitalization.
However, analysts established a current ‘minor depeg’ for most of August. After the collapse of TerraUSD (UST), an algorithmic stablecoin, in May last year, Ardoino confronted terrified investors by telling them to come. Later, as USDT faced redemptions amounting to billions of dollars, it momentarily drove the price of stablecoin to $0.95.
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