2023-10-13 16:41:09
© Reuters. Tether logo in illustration photo 03/31/2023 REUTERS/Dado Ruvic
Por Elizabeth Howcroft
LONDON (Reuters) – The cryptocurrency company’s chief technology officer, Paolo Ardoino, will also become its chief executive from December, the company said on Friday, in a surprise change in the management of one of the world’s leading digital currencies. world.
Tether’s current chief executive, Jean-Louis van der Velde, will “transition into an advisory role for Tether,” the company said in a statement.
Tether issues a stablecoin, also called Tether, which is designed to maintain a constant value of 1 and is widely used in cross-cryptocurrency trades.
There is $83.5 billion worth of Tether in circulation, making it the third-largest cryptocurrency in the world after ether, according to CoinGecko.
Little is known about van der Velde, who maintains a low public profile. It is Ardoino who serves as the public face of the company, regularly posting on social media platform X and speaking to journalists.
Ardoino became Tether’s chief technology officer in 2017, according to the company. He said on X on Friday that he was “excited and humbled” to become chief executive.
Van der Velde said in the company’s statement that Ardoino is “extremely suited to lead Tether in this exciting new era.”
ARDOINO’S DREAMS
Ardoino studied computer science at the university of Genoa, Italy, according to the Bitfinex website.
After graduating in 2008, he worked as a researcher on a military project while experimenting “extensively” with cryptocurrency technology, then began developing finance-related apps in 2010, the website says.
On his LinkedIn profile, Ardoino describes himself as a highly skilled programmer and says his philosophy is rooted in the “cypherpunk and open source movements.”
“Cypherpunk” may refer to people who are in favor of using technologies to increase their privacy or anonymity online.
“My biggest passion is pushing the boundaries of what’s possible with technology,” Ardoino’s profile says, indicating his location is the United Kingdom.
Ardoino used his X account to criticize media coverage of Tether.
DO TETHER RESERVATIONS
The company says its peg is maintained by the dollar assets held by Tether, including US Treasury bonds.
As part of a 2021 settlement with the New York attorney general’s office, Tether agreed to provide quarterly reports on its reserves for two years. Tether said on its website that it complied with this requirement earlier this year.
US regulators have warned banks that stablecoin reserves could be subject to rapid capital outflows, for example if holders rush to exchange these tokens back into traditional currency.
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