Post By: CryptosHeadlines.com

Tether, the popular stablecoin provider, has made a significant change in its leadership by naming Paolo Ardoino as the new CEO. This move comes as Tether expands into various new business areas.
Tether, the company behind the popular stablecoin Tether (USDT), has appointed Paolo Ardoino as its new CEO. Jean-Louis van der Velde, the former CEO, will continue to support the company but in an advisory capacity. This leadership change comes as Tether diversifies its business into new areas and begins investing in Bitcoin. Members of the crypto community have welcomed Ardoino’s appointment.
Tether Appoints Paolo Ardoino as CEO
Tether, in an official announcement on October 13, revealed that Paolo Ardoino will be the new CEO, taking on the role in December 2023. The current CEO, Jean-Louis van der Velde, will transition to an advisory role. Ardoino currently serves as the CTO of Bitfinex and the Chief Strategy Officer for Holepunch.
Jean-Louis van der Velde expressed his confidence in Ardoino, stating that he believes Tether will continue its growth and focus on emerging markets and transformative technology under his leadership.
Ardoino shared the news on X, and his appointment was met with congratulations from notable figures in the crypto community, including Justin Sun and Gabor Gurbacs.
Tether’s appointment of Paolo Ardoino as CEO is part of a strategic transition aimed at aligning with the company’s long-term goals, as stated in the press release. This move positions Ardoino to further strengthen Tether’s position within the crypto industry while expanding into new areas. Additionally, Tether has initiated investments in Bitcoin.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #PaoloArdoino #Tether #USDT

Cryptocurrency firm Tether has announced that it is estimating a $700 million profit in the first quarter of 2023. This would bring the company’s excess reserves to over $1 billion for the first time in its history, Paolo Ardoino, Tether’s chief technology officer says to CNBC.

Tether is the issuer of the USDT stablecoin, which is pegged one-to-one with the U.S. dollar. Stablecoins like USDT are used by traders to move in and out of different cryptocurrencies without the need to convert money back into fiat currencies.

Over the years, stablecoin issuers have been criticized for not being transparent enough with the type of assets they hold in their reserve to back their digital currency. Tether has come under scrutiny in the past for holding commercial paper, or short-term, unsecured debt that is issued by companies, but without revealing the type of firms or geographical location of companies it had brought the debt from.

However, Tether eventually sold all of its commercial holdings and moved into U.S. Treasurys, which are considered a more stable and reliable asset. The company produces so-called attestations, which are reports produced by an auditor to attest to the company’s reserves and the assets it holds.

The last report Tether released covering the December quarter showed it had more assets than liabilities, and in February the company announced that it made $700 million in profit in the December quarter.

Tether’s chief technology officer, Paolo Ardoino, has said that the company expects to increase its excess reserves by another $700 million in the current quarter, which is not yet over. This would take Tether’s excess reserves to $1.66 billion and would mark the first time that the company crosses the $1 billion mark.

Tether generates revenue through various fees, such as a $1,000 withdrawal fee (with a minimum withdrawal requirement amount of $100,000), from investments in digital tokens and precious metals, and from issuing loans to other institutions.

The announcement of Tether’s expected profits and increased excess reserves will likely generate interest in the stablecoin market, particularly as the company continues to improve its transparency and reliability.

#Tether #USDT #PaoloArdoino #crypto2023 #azcoinnews

This article was republished from azcoinnews.com