Stablecoin issuer Tether is undergoing a leadership change as it looks to shift its focus towards becoming a technology-focused organization. Paolo Ardoino, the company’s long-time Chief Technology Officer (CTO), will assume the role of Chief Executive Officer (CEO) in December. This change comes after current CEO Jean-Louis van der Velde moved to an advisory position. However, it will mark an important transformation for Tether.
Major change for stablecoin
Velde will continue to serve as CEO of Bitfinex, a cryptocurrency exchange closely affiliated with Tether. Simultaneously, Ardoino will retain his role as CTO at Bitfinex. He will also assume the position of Chief Strategy Officer for Holepunch, a peer-to-peer application creation platform powered by Bitfinex, Tether, and Hypercore. As part of the transition process, Ardoino will continue to oversee Tether’s technology department for now.
Paolo Ardoino has a history with both Bitfinex and Tether. He joined Bitfinex in 2014. He also became part of the Tether team in 2017. His appointment as CEO reflects Tether’s ambition to transform into a “technology-centric organization” aimed at reshaping the future of finance. Tether aims to be more than a stablecoin issuer. Accordingly, it envisages being an infrastructure partner in the development of “resilient” cities. Ardoino’s initial focus will be technological developments. There will also be support for peer-to-peer projects and participation in bitcoin mining initiatives.
Tether’s diversification efforts
Over the past year, stablecoin issuer Tether has expanded into new lines of business that reflect its commitment to diversification. In June 2022, Tether’s Holepunch introduced Keet, a peer-to-peer encrypted video calling app. Additionally, the company invested approximately $10 million in the development of Holepunch and Keet. There is potential for additional investment of $50 million to $100 million in the future to expand P2P applications.
Stablecoin issuer Tether has also backed both Uruguay and Max Keiser’s startup Volcano Energy, which is developing a bitcoin mining farm in El Salvador. Accordingly, it also entered the energy production and bitcoin mining sector. Tether’s renewable energy production attracts attention. Additionally, its commitment to Bitcoin mining sites is part of its broader sustainability strategy.
Stablecoin USDT is an important product
Stablecoin USDT remains Tether’s product with a significant market presence. On the other hand, Ardoino announced the company’s plans to introduce a new platform. This platform will benefit from Tether’s expertise in building financial technologies. It will also look at real world assets. Accordingly, it will reflect the company’s evolving goals and initiatives.
When we look at Kriptokoin.com, the latest financial report of stablecoin issuer Tether attracts attention. This shows that it made a net profit of 850 million dollars in the second quarter. On the other hand, it shows that it maintains its position as the largest stablecoin in the market with a token supply of approximately $ 83 billion.
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