Tether, a leading stablecoin issuer, has announced a management overhaul with the promotion of Chief Technology Officer Paolo Ardoino to CEO. Ardoino will succeed Jean-Louis van der Velde, who will transition to an advisory role for Tether while retaining his position as CEO for Bitfinex. The change will take effect in December 2023.

During his tenure, Ardoino has been credited for co-leading the strategy responsible for the growth of the world's largest stablecoin, USDT's market presence, and market capitalization, in addition to expanding Tether's business. The company said that the latest strategic transition has been "meticulously" planned and aligns with its long-term strategy.

Ardoino expressed his excitement to lead the team and continue to innovate and provide stability in the cryptocurrency and global space.