Paolo Ardoino Named CEO of Tether in Surprise Leadership Transition

The current CEO, Jean-Louis van der Velde, will transition into an advisory capacity within Tether.

Tether, a prominent cryptocurrency firm known for its stablecoin, is set for a significant change in leadership this December.

Paolo Ardoino, the company’s Chief Technology Officer (CTO), will assume the role of CEO, marking an unexpected shift in the management of one of the crypto world’s leading tokens.

The current CEO, Jean-Louis van der Velde, will transition into an advisory capacity within Tether.

Tether’s primary offering is its stablecoin, also named Tether, designed to maintain a constant value of $1.

This stablecoin is widely utilized in crypto-to-crypto trading, and its circulation stands at a staggering $83.5 billion, ranking it as the third-largest cryptocurrency, trailing only Bitcoin and Ethereum, according to CoinGecko.

Van der Velde has maintained a low public profile, with limited information available about him.

Conversely, Paolo Ardoino has been the public face of Tether, actively engaging with the crypto community through social media platforms like X (formerly Twitter) and interacting with journalists.

He has been Tether’s CTO since 2017 and expressed his excitement and humility upon assuming the role of CEO.

Ardoino’s professional journey in technology began with his studies in computer science at a university in Genoa, Italy.

Following his graduation in 2008, he worked on a military project as a researcher while extensively exploring cryptography.

Subsequently, in 2010, he ventured into developing finance-related applications.

On his LinkedIn profile, Ardoino describes himself as a highly skilled programmer with roots in the “cypherpunk and open-source movements,” indicating his commitment to enhancing online privacy and anonymity through technology.

Tether’s stability is anchored in its holdings of dollar-based assets, including U.S. Treasuries, as stated by the company.

Notably, Tether reached a settlement with the New York Attorney General’s office in 2021, obligating them to provide quarterly reports on their reserves for two years.

Tether has announced that it fulfilled this requirement earlier this year. U.S. regulators have cautioned banks about the potential rapid outflows of stablecoin reserves, particularly if holders rush to convert these tokens into traditional currency.

While the announcement of the leadership change at Tether is significant, details regarding the location of Ardoino and van der Velde, Tether’s headquarters, and the size of its workforce remain undisclosed.