Tether, known for issuing the widely used stablecoin USDT, has disclosed the elevation of its longstanding Chief Technology Officer, Paolo Ardoino, to the esteemed position of Chief Executive Officer (CEO). Paolo Ardoino is slated to take on his fresh role starting in December, stepping into the position vacated by Jean-Louis van der Velde, who will transition into an advisory capacity. Notably, Jean-Louis van der Velde will retain his CEO role at Bitfinex, a cryptocurrency exchange intimately linked with Tether.
Simultaneously, Paolo Ardoino will continue to serve as the Chief Technology Officer for Bitfinex and Chief Strategy Officer for Holepunch, a peer-to-peer applications development platform supported by Bitfinex, Tether, and Hypercore. He will also retain oversight of Tether’s technology department for the time being.
Paolo Ardoino’s promotion aligns with Tether’s vision of transforming into a technology-centric organization dedicated to reshaping the future of finance, transcending its role as a stablecoin issuer. Tether aspires to be an infrastructure partner in the creation of resilient cities, focusing on areas such as peer-to-peer (P2P) initiatives, energy, and bitcoin mining ventures.
Tether’s expanded focus includes participation in P2P projects, technological advancements, and collaboration with regulators to establish clearer guidelines and promote compliance in the cryptocurrency space.
Tether has been actively exploring new business lines in recent times. In June 2022, its subsidiary Holepunch introduced a P2P encrypted video-calling app called Keet, signaling the company’s commitment to P2P applications. Tether and Bitfinex have invested significantly in this endeavor, with potential plans for further investments in the future.
In the realm of energy, Tether ventured into energy production and bitcoin mining in partnership with a local licensed company in Uruguay. It also invested in Max Keiser’s startup, Volcano Energy, which is developing a bitcoin mining farm in El Salvador. Tether has been engaged in expanding renewable energy production and bitcoin mining sites around the world.
While USDT remains a central product, Tether is extending its scope by working on a new platform that leverages its experience in building financial technologies, with a focus on real-world assets.
Tether reported a net profit of $850 million in the second quarter and remains the largest stablecoin by supply, with nearly $83 billion tokens in circulation, as reported by The Block’s Data Dashboard. Tether’s new leadership under Paolo Ardoino reflects its commitment to evolving beyond its stablecoin roots and embracing a more extensive role in the cryptocurrency and financial technology space.