Tether's CTO to become CEO in surprise management shake-up
Tether's Chief Technology Officer, Paolo Ardoino, will take over as CEO from December, the company announced on Friday. The current CEO, Jean-Louis van der Velde, will transition to an advisory role. Tether issues a stablecoin, also called Tether, which is widely used in crypto-to-crypto trading and has $83.5 billion worth of tokens in circulation, making it the third-largest cryptocurrency after bitcoin and ether. Ardoino, who became CTO in 2017, is known as the public face of the company and has a background in computer science and cryptography.
Tether appoints CTO Paolo Ardoino as CEO
According to official sources, Paolo Ardoino, the Chief Technology Officer of Tether, will become the new CEO of Tether in December 2023. The current CEO, Jean-Louis van der Velde, will become an advisor to Tether and retain his position as Bitfinex CEO. Ardoino will continue to serve as the Chief Technology Officer of Bitfinex and the Chief Strategy Officer of Holepunch.
Tether, Bitcoin and Ethereum account for 83% of Brazilian cryptocurrency demand
According to a report from Chainalysis, between June 2022 and July 2023, Tether, Bitcoin, and Ethereum accounted for 83% of Brazil's cryptocurrency demand. During that period, Tether accounted for about 52% of the country's investor trading demand, Bitcoin accounted for 25%, Ethereum accounted for 6%, while other altcoins totaled just over 17%. Chainalysis categorizes Brazil as a "unique market in Latin America."
Coinbase executive: On-chain data shows Alameda responsible for minting $39.55 billion USDT
Coinbase executive Conor revealed on social media that blockchain data shows Alameda is responsible for the issuance of 39.55 billion USDT, which accounts for 47% of Tether's current circulating supply. It is reported that a previous report by Protoss estimated this number to be around 36.7 billion US dollars.
Director of VanEck: Tether is one of the largest buyers of U.S. Treasury bonds internationally
Gabor Gurbacs, the head of digital asset strategy at global asset management company VanEck, stated on social media platform X that Tether's contribution to the US dollar is greater than any other big-name cryptocurrency platform in the United States, and Tether is one of the largest buyers of US government bonds internationally. Tether provides USDT to people in emerging markets who need it, and Tether deserves more trust.
Tether Makes Strategic Investment into German Crypto Miner Northern Data Group for AI Initiatives
Tether, the firm behind stablecoin USDT, has made a strategic investment in German crypto miner Northern Data Group to support emerging technology, including artificial intelligence, peer-to-peer communications, and data storage solutions. The exact amount of the investment has not been disclosed, but Tether denies Forbes' report of a $420 million investment. <br>
Tether and Bitfinex CTO to Testify in $1.4 Trillion Lawsuit Amidst Allegations of Financial Misconduct and Insufficient Reserves
Paolo Ardoino, the CTO of Tether and Bitfinex, will testify in a class-action lawsuit this week. The lawsuit, filed in 2019 by LeboBTC co-founder Jason Leibowitz, alleges financial misconduct against both firms and seeks over $1.4 trillion in damages.
Tether CTO: Tether Currently Holds US$72.5 Billion in U.S. Treasury Bonds, Becoming the 22nd Largest Holder in the World
September 5th, Tether's Chief Technology Officer Paolo Ardoino posted on social media that Tether currently holds 72.5 billion US dollars of US Treasury bonds, surpassing countries such as the United Arab Emirates, Mexico, Australia, and Spain, and becoming the 22nd largest holder in the world.
Tether Partners with Private Bank Britannia Bank & Trust to Process U.S. Dollar Transfers
Stablecoin issuer Tether has partnered with Bahamas private bank Britannia Bank & Trust to handle US dollar transfers. Insiders say that although it is unclear when the banking relationship began, Tether has instructed clients to transfer funds to Britannia's bank account in recent months. The total circulation value of Tether stablecoins has grown by about 24% this year, reaching $82 billion. <br>
Tether Transparency Report: Total Assets Reach $86.1 Billion, Reserve Ratio Exceeds 100%
On August 25th, as reported by Cointelegrahp, Tether's transparency report shows that Tether currently has nearly 3.3 billion US dollars in liquidity reserves. As of August 24th, Tether's total assets were 86.1 billion US dollars, total liabilities were 82.8 billion US dollars, and the reserve ratio was over 100%.
