- Italian software developer Paolo Ardoino is all set to take over from Jean-Louis van der Velde.
- Tether paid more than $40M to resolve claims that it had misrepresented its collateral in 2021.
USDT stablecoin Issuer Tether’s CTO, Paolo Ardoino, will soon assume the role of Chief Executive Officer in December and lead the firm. The stablecoin issuer’s leadership change comes at a critical moment. Under Ardoino’s leadership, the stablecoin industry leader is making strides towards real-time reserve transparency.
Italian software developer Paolo Ardoino is all set to take over from Jean-Louis van der Velde, the firm’s ex-CEO. Nonetheless, he became Tether’s public face, answering questions and dealing with the pressures that come with being the most actively traded crypto in the world. Moreover, Ardoino will keep his position as chief technology officer at Bitfinex, Tether’s sibling exchange.
Ambitious Intentions
Tether, meantime, has encountered regulatory issues and claims surrounding its reserves, and has been criticized for its lack of transparency. Despite these concerns, Tether’s USDT has become a crucial cryptocurrency, dominating the stablecoin market.
Tether paid more than $40 million to resolve claims that it had misrepresented its collateral in 2021. Particularly troublesome during times of market stress has been its reliance on commercial paper, according to opponents. The crypto world is anxiously expecting additional openness from the corporation, which has begun providing quarterly attestations of its reserves alongside third-party audits.
Reports suggest, however, that Paolo Ardoino has ambitious intentions for Tether. He reportedly plans to take a major step towards openness next year by disclosing real-time information on Tether’s reserves. He also wants to talk to regulators, consider renewable energy sources options, and increase investment in technology.
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