Coin Edition -
- Paolo Ardoino to become Tether CEO, managing $84 billion in USDT stablecoins.
- Tether’s USDT dominates the stablecoin market but faces scrutiny over transparency.
- Ardoino aims to enhance transparency with real-time reserve data and expand into renewable energy.
Paolo Ardoino, the Chief Technology Officer of the USDT stablecoin firm Tether, is about to become a more prominent figure in the crypto industry come December this year. In particular, Ardoino will be assuming the CEO role in Tether, the third largest crypto project, to manage over $84 billion in stablecoins.
While Tether’s top leadership has typically maintained a low public profile, Ardoino has been the face of the firm, relentlessly dispelling FUDs targeted at USDT. In a recent interview with Bloomberg, Ardoino humorously confirmed his unofficial frontman position for Tether. The incoming Tether CEO remarked:
Our CEO and our CFO are among the smartest people you could ever meet. But also, they are not public people. We pulled from sticks, and I had the shortest one.
Besides, Bloomberg mentioned that the Italian software developer is not known for gracing magazine covers, taking selfies with G7 dignitaries, or mingling with celebrities like other executives in the crypto space.
Notably, Tether’s USDT stablecoin accounts for nearly 70% of the stablecoin market. Ardoino recently took a swipe at rival stablecoins. He argued that USDT’s valuation surpasses its closest competitor by a factor of three and exceeds the combined market cap of all its rivals by a factor of two.
However, Tether has faced unyielding scrutiny for an alleged lack of transparency regarding its reserves. The supposed ambiguity around USDT has primarily been the bedrock of the panic calls and FUDs targeted at the firm.
It is worth mentioning that Tether publishes quarterly attestations of its reserves with a third-party accounting firm. The attestations offer a limited snapshot of Tether’s holdings. However, during the interview, the incoming CEO pledged to enhance transparency by providing real-time data on Tether’s reserves.
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