Stablecoin Tether appoints chief technology officer Ardoino as CEO. In an unexpected management change for one of the crypto world’s top coins, Tether said Friday that Chief Technology Officer Paolo Ardoino will become CEO in December.
Tether announced that CEO Jean-Louis van der Velde would “transition to an advisory role for Tether”. Tether problems the stablecoin Tether, which maintains a $1 value and is commonly utilized in crypto-to-crypto transactions. Tether is the third-largest cryptocurrency after bitcoin and ether, with $83.5 billion in circulation, according to CoinGecko.
Van der Velde is a reclusive figure. Ardoino represents the firm on Twitter and in interviews. Tether announced Ardoino as their CTO in 2017. Friday on X, he stated he was “excited and humbled” to become CEO.
In a business statement, Van der Velde called Ardoino “extremely well-suited to lead Tether into this exciting new era.”
TECH DREAMS OF ARDUINO
Bitfinex’s website says Ardoino studied computer science in Genoa, Italy. He worked as a military project researcher after graduating in 2008 and experimented “extensively” with encryption before developing finance-related apps in 2010, according to the website.
Ardoino, a talented programmer, claims his ideology is steeped in “cypherpunk and open-source movements” on LinkedIn.
A “cypherpunk” uses cryptography and other technology to promote online privacy and anonymity. “My greatest passion is pushing the boundaries of what’s possible with technology,” Ardoino’s U.K. profile adds. X user Ardoino has criticized Tether’s media coverage.
Tether’s reserves.
Tether claims dollar-based assets like U.S. Treasuries maintain their peg. In a 2021 deal with the New York Attorney General, Tether agreed to publish its reserves quarterly for two years. Tether claimed on its website it met this standard earlier this year.
U.S. regulators have cautioned banks that stablecoin reserves might rapidly deplete if holders exchanged tokens for regular money. Neither Arduino nor van de Velde’s whereabouts of noTether’s staff count were disclosed in iTether’s announcement.
