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Tether has promoted its Chief Technology Officer (CTO), Paolo Ardoino, to CEO. Even for the duration of his tenure as CTO, Ardoino became the general public face of the stablecoin issuer.
Tether, the issuer of the most dominant stablecoin, USDT, has applied predominant adjustments for the duration of its administration.
Ardoino Continues CTO Role at Bitfinex
According to the official announcement from Tether, Ardoino replaces Jean-Louis van der Velde (JL). In the meantime, he’ll continue to attend as CTO for the crypto alternate Bitfinex, which is also the sister firm of Tether.
JL will take trace of the advisory feature at Tether while also serving as the CEO of Bitfinex. He stated:
“Paolo is extremely well-suited to lead Tether into this thrilling novel period.”
JL became largely absent from public interactions or neighborhood engagement for the duration of his tenure. Regardless of Ardoino being a CTO previously, he became belief to be to be the general public face of the firm. Reacting to the announcement of his promotion, a neighborhood member wrote:
“I’m gonna be true I belief he already became the CEO.”
Whereas one other X (Twitter) user congratulated Ardoino and ironically wrote:
“congrats! no more outlandish interviewer questions about why the CTO is doing the interviews 🤴”
Read more: How To Originate a Precise Crypto Community From Scratch
USDT issuer Tether has faced controversy regarding its reserves, dealing with skepticism from the neighborhood and regulators. In October 2021, the Commodity Futures Procuring and selling Commission (CFTC) ordered Tether to pay a $41 million ultimate over claims that the USDT stablecoin is fully backed by US dollars.
Sooner than that, in February 2021, it signed an $18.5 million settlement with the Modern York Attorney Total (AG) over groundless claims of USDT’s backing. Regardless of that, USDT remains the most dominant stablecoin available in the market. The screenshot beneath reveals that the Tether’s stablecoin has a dominance of 67.54%,
Read more: What Is a Stablecoin? A Newbie’s Data
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