Paolo Ardoino, Tether’s chief technology officer, has been named chief executive officer of the issuer of the USDT stablecoin.
Tether Appoints Paolo Ardoino (@paoloardoino ) as CEO
Read More: https://t.co/q8acekaQ9l
— Tether (@Tether_to) October 13, 2023
In December 2023 Ardoino will succeed Jean-Louis van der Velden as Tether’s CEO. The latter will retain his post as Bitfinex CEO and move to a consulting role at Tether.
Ardoino will also continue to serve as CTO of the exchange and as the chief strategy officer at Holepunch.
According to the press release, the personnel reshuffle has been meticulously planned and fully aligned with Tether’s long-term strategy.
“This confirms the company’s position as a leading player in the crypto industry, backed by substantial resources and ready to expand into new verticals,” the statement said.
Earlier, Tether reported net profit of $850 million in the second quarter. According to the filing, 85% of USDT collateral consists of cash and cash equivalents.
In May, Ardoino said that high profitability of the issuer provides the opportunity to explore new lines of business.
Subsequently, the company invested $1 billion in a Bitcoin mining project in El Salvador, and also spent $420 million on the purchase of 10,000 Nvidia H100 chips.