Tether Appoints New CEO, Replacing Enigmatic Crypto Leader

Paolo Ardoino, the chief technology officer for Tether, has been promoted to CEO of the stablecoin company, taking over from Jean-Louis van der Velde. Tether is one of the largest stablecoin operations globally, with its USDT token maintaining a one-to-one peg to the US dollar. Ardoino, who has been the face of Tether for years, will continue to serve as the chief technology officer while assuming his additional duties as CEO. Van der Velde will transition to an advisory role at Tether while remaining CEO of Bitfinex. Tether has faced scrutiny over transparency, and Ardoino has stated that the company is working on releasing a full audit.