Tether stablecoin firm appoints CTO Paolo Ardoino as CEO

Tether, the world's largest stablecoin issuer by market capitalization, is replacing its CEO as the company works to broaden its focus.

Paolo Arduino, who has served as Tether's chief technology officer since 2017, will become the company's new CEO in December 2023, Tether announced on October 13.

Arduino replaces Jean-Louis van der Veld, who will move into an advisory role for Tether while remaining CEO of Tether's sister company Bitfinex. Arduino will continue to serve as Chief Technology Officer for Bitfinex and Chief Strategy Officer for Bitcoin Layer-2 solution Holepunch.

A spokesperson for the company told Cointelegraph that Arduino will “continue to dominate the technology segment for the time being” on Tether.

Tether said the leadership change reflects the company's commitment to actively exploring new business areas, including peer-to-peer communications, renewable energy, resilient data storage and Bitcoin (BTC) mining.

As Arduino has been leading Tether's expansion strategy for the past two years, the transition should be seen as a “natural progression,” a company representative told Cointelegraph.

The firm said Arduino was the ideal choice for Tether's CEO because of his significant influence beyond his corporate role. Teter said that Arduino's efforts to promote freedom and innovation have made the executive one of the most influential people in the community.

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A Tether spokesperson added: “Under Paolo's leadership, Tether will continue to work to improve the landscape of global finance by delivering financial services to those in need.”

“Paolo [Ardoino] It envisions Tether as a technology powerhouse that will transform the industrial revolution and serve as an infrastructure partner in building stronger cities and nations. Tether's mission includes expanding the impact of USD and Bitcoin on global trade and exchange […]”

As previously reported, Tether began mining operations in Uruguay in May and is actively developing Bitcoin mining operations in 2023. The company continues its foray into the Bitcoin mining industry by introducing Tether BTC mining software in August 2023 to enhance mining capabilities.

In September 2023, Tether invested in German cryptominer Northern Information Group, supporting its artificial intelligence initiative.

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