Stablecoin issuer Tether has appointed Paolo Ardoino as its new CEO with former CEO Jean-Louis van der Velde transitioning into an advisory role.

Van der Velde will remain as Bitfinex's CEO whilst Ardoino has retained his role as CTO at both Bitfinex and Holepunch, according to a press release.

Ardoino became Tether's CTO in 2017 after joining Bitfinex three years prior. In that time Tether's (USDT) market cap has grown from less than $100 million to $83.5 billion as it experienced exponential growth starting in 2020.

“Paolo is extremely well-suited to lead Tether into this exciting new era,” said Jean-Louis van der Velde. “I believe Tether is poised to continue its rapid growth, with a continued focus on emerging markets and transformative technology. I think I can speak for the entire company when I say that we eagerly anticipate Paolo’s leadership as he guides Tether toward a future where finance knows no bounds.”

The press release states that Ardoino envisions Tether as a "tech powerhouse" that will "reshape the future of finance." The new CEO also hopes that company will expand the influence of the USD in global trade and exchange, which will ensure its utility in emerging markets.