In an unexpected development at Tether, one of the leading cryptocurrencies, CTO Paolo Ardoino is set to take up the mantle of CEO starting from December 2023. The current CEO, Jean-Louis van der Velde, will be stepping down from his role and transitioning to an advisory position within the company.
Tether, known for its namesake stablecoin which maintains a 1:1 dollar peg, commands significant influence in the realm of crypto-to-crypto trading. According to CoinGecko, it boasts a circulation of $83.5 billion, placing it as the third-largest cryptocurrency following Bitcoin and Ether.
Today's announcement marks a significant change in Tether's leadership structure. Van der Velde has maintained a relatively low public profile during his tenure as CEO. In contrast, Ardoino has been the primary public representative for Tether since he assumed the position of CTO in 2017. He frequently interacts with the public and media on Social Media Platform X, underscoring Tether's unique operational approach within the dynamic cryptocurrency market.
The transition of leadership at Tether signifies a new chapter for the company as it continues to maintain its position in the competitive crypto world. The change is expected to take effect from December 2023.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.