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☆ Tether CEO says stablecoin issuer audit process is continuing
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTether CEO says stablecoin issuer audit process is continuingPaolo Ardoino, the new CEO of Tether, says he supports a full audit of the stablecoin, but "fear" from big firms to take a risk on auditing a stablecoin, is stopping it from happening.

Persons: Paolo Ardoino

☆ Tether CEO discusses tackling terrorist financing through crypto
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTether CEO discusses tackling terrorist financing through cryptoPaolo Ardoino, the new CEO of Tether, discusses how the company is tackling terrorist financing that is taking place via cryptocurrencies like USDT.

Persons: Paolo Ardoino

☆ Tether freezes 32 crypto wallets holding $873,118 linked to terrorism and warfare in Israel, Ukraine
▼ + stars: | 2023-10-16 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

The world's biggest stablecoin, tether, saw more than $10 billion in redemptions in May, fueling fears of a 2008-style "bank run." Tether froze 32 virtual wallets linked to crypto-funded terrorism and warfare in Israel and Ukraine, according to a media release published Monday. Tether, which issues the world's largest stablecoin of the same name, says it has been collaborating with the National Bureau for Counter Terror Financing of Israel in its efforts. "Tether remains committed to promoting responsible blockchain technology use and standing as a robust defense against cybercrime," continued Ardoino. "We eagerly anticipate continued collaboration with global law enforcement agencies as part of our commitment to global security and financial integrity."

Persons: Paolo Ardoino Organizations: National Bureau for, Israel, Tether's U.S, cybercrime Locations: redemptions, Israel, Ukraine

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 13 (Reuters) - Crypto firm Tether's Chief Technology Officer Paolo Ardoino will also become its CEO from December 2023, the company said on Friday, in a surprise management shake-up for one of the crypto world's top tokens. Current CEO, Jean-Louis van der Velde, will "transition to an advisory role for Tether", the company said in a statement. Tether issues a stablecoin, also called Tether, which is designed to maintain a 1:1 dollar peg and is widely used in crypto-to-crypto trading. Little is known about van der Velde, who keeps a low public profile. Ardoino became chief technology officer of Tether in 2017, the company said.

Persons: Dado Ruvic, Paolo Ardoino, Jean, Louis van der Velde, van der Velde, Ardoino, Elizabeth Howcroft, Louise Heavens Organizations: REUTERS, Tether's, Twitter, Thomson

☆ Stablecoin Tether promotes tech chief to CEO, taking over from mysterious crypto leader
▼ + stars: | 2023-10-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Paolo Ardoino, the chief technology officer for Tether, has been promoted to CEO of the stablecoin company, in a surprise move. In a press release Friday, Tether said that Ardoino will lead Tether from December 2023, succeeding van der Velde. Ardoino will still serve as Tether's chief technology officer while taking on his additional duties as CEO, Tether said. He joined Tether as chief technology officer in 2017. The departure of van der Velde, an executive who has barely ever appeared in public, comes as Tether has faced scrutiny over transparency.

Persons: Paolo Ardoino, Ardoino, Jean, Louis van der Velde, van der Velde, Van der Velde, Bitfinex, Tether's van der Velde Organizations: U.S . Locations: Hong Kong

Sept 19 (Reuters) - Bitcoin isn't the only asset experiencing a late summer slump. It has shrunk by almost a tenth this year, standing at $124.4 billion as of Sept. 14. A jump in the dollar index on interest rate hikes last year was accompanied by a big rise in stablecoin volumes, he added. Yet all is not equal: Dollar-pegged Tether, the biggest stablecoin, is bucking the losing trend. Reporting by Hannah Lang in Washington; Editing by Michelle Price and Pravin CharOur Standards: The Thomson Reuters Trust Principles.

Persons: James Butterfill, CoinGecko, Paolo Ardoino, Paxos, USDC, TerraUSD, Dante Disparte, it's, Hannah Lang, Michelle Price Organizations: U.S ., New York Department of Financial Services, U.S, Silicon, Bank —, Thomson, Reuters Locations: South America, Central Asia, U.S, Washington

☆ Binance issues could lead more people to move to USDT stablecoin, Tether CTO says
▼ + stars: | 2023-06-06 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBinance issues could lead more people to move to USDT stablecoin, Tether CTO saysPaolo Ardoino, chief technology officer of Tether, discusses the U.S. Securities and Exchange Commission's allegations against crypto exchange Binance.

Persons: USDT, Paolo Ardoino Organizations: U.S . Securities, Exchange

☆ Tether CTO says stablecoins will move toward a full audit to prove reserves
▼ + stars: | 2023-06-06 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTether CTO says stablecoins will move toward a full audit to prove reservesPaolo Ardoino, CTO of Tether, said the stablecoin industry will likely move closer to full audits to prove they have assets to back their digital currencies.

Persons: stablecoins, Paolo Ardoino

☆ Stablecoin giant Tether to mine bitcoin in Uruguay using renewable energy
▼ + stars: | 2023-05-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Cryptocurrency giant Tether is setting up a bitcoin mining operation in Uruguay using renewable energy, as the company looks to diversify the revenue mix to support its USDT stablecoin. The company said Tuesday that it plans to invest its resources into renewable energy production, marking its first foray into the energy sector. Tether is also on the hunt for "experts in the area" to support its expansion into the renewable energy space, it said. "By harnessing the power of Bitcoin and Uruguay's renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining," said Paolo Ardoino, CTO of Tether. "Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal ecological footprint while upholding the security and integrity of the Bitcoin network."

☆ Bitcoin gets vote of confidence as a long-term store of value as Tether says it will buy more of the crypto to back its stablecoin
▼ + stars: | 2023-05-17 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Bitcoin got a vote of confidence as a long-term store of value with Tether's new investment strategy. The issuer of the USDT stablecoin will allocate up to 15% of its net realized operating profits to buying bitcoin. Last week, Tether revealed that it held $1.5 billion of bitcoin in its reserves at the end of March. "Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential," said Tether Chief Technology Officer Paolo Ardoino in a statement. Last week, Tether posted a first-quarter "attestation" that revealed it held $1.5 billion of bitcoin in its reserves at the end of March as well as $3.4 billion of gold.

☆ Tether buys $222 million worth of bitcoin to back its USDT stablecoin
▼ + stars: | 2023-05-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Cryptocurrency giant Tether on Wednesday said that it's going to purchase hundreds of millions of dollars' worth of bitcoin to back the world's largest stablecoin. The company said it would invest 15% of its net profit into bitcoin to "diversify" the reserves that back its USDT token, which aims to stick to a 1-to-1 peg to the U.S. dollar. That would amount to roughly $222 million, based on the company's last attestation report, which provides a breakdown of the assets that make up its USDT reserves. Tether began revealing it was making gains from its USDT operation in February, declaring a net profit of $1.48 billion in March and taking its total excess USDT reserves to $2.44 billion. USDT is the largest stablecoin in the market, with a circulating supply of more than $82.8 billion, according to CoinGecko data.

REUTERS/Dado RuvicLONDON, April 19 (Reuters) - Crypto firms have been left scrambling to find banking partners after the collapse of three crypto-friendly lenders in the U.S. last month, creating a risk their business will become concentrated in smaller financial institutions. Mainstream banks have become increasingly wary of crypto clients following a series of high-profile collapses, including the bankruptcy of major exchange FTX in November last year, and a lack of regulation. "Crypto and Web3 start-ups are telling us they simply cannot get a business bank account," said Marcus Foster, head of crypto policy at Coadec, a body representing UK start-ups. A spokesperson for ING said the bank does not "target or focus actively on crypto firms" so its exposure is "very limited." But for smaller crypto start-ups, securing a banking partner could be more difficult, said Ricardo Mico, the U.S. CEO of Banxa (BNXA.V), a payment and compliance infrastructure provider for crypto.

☆ Tether CTO says company is on track to make $700 million profit in the first quarter
▼ + stars: | 2023-03-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTether CTO says company is on track to make $700 million profit in the first quarterPaolo Ardoino, chief technology officer of Tether, defends the company's reserves and strength, saying the stablecoin issuer is on track to make $700 million in profit in the first quarter of the year.

☆ Crypto firm Tether says it has around $1.6 billion in excess reserves to back its USDT stablecoin
▼ + stars: | 2023-03-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Cryptocurrency firm Tether estimates it will make $700 million profit in the March quarter, taking its total excess reserves to over $1 billion, the company's technology chief told CNBC, revealing the latest figures for the first time. Tether issues the USDT stablecoin, which is pegged one to one with the U.S. dollar. Tether then revealed in February that it made $700 million in profit in the December quarter. Paolo Ardoino, Tether's chief technology officer, said the company estimates that the excess reserves will increase by $700 million in the current quarter, which is not yet over. That would take Tether's excess reserves to $1.66 billion.

☆ Bitcoin at $100,000? Insiders say the cryptocurrency could test new highs this year
▼ + stars: | 2023-03-23 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

In this article BTC.BS=-USSBTC.CB=BTC.CM= Follow your favorite stocks CREATE FREE ACCOUNTCryptocurrency industry insiders predict bitcoin could hit a new all-time high in 2023 and possibly reach $100,000. Bitcoin previously hit its all-time high of $68,990.90 in November 2021. related investing news How crypto prices may react to the latest Fed decision Marshall Beard, chief strategy officer at U.S.-headquartered cryptocurrency exchange Gemini, said $100,000 could be a possibility for bitcoin. "I think bitcoin probably breaks all-time highs this year," Beard said, adding that the $100,000 price figure is an "interesting number." Paolo Ardoino, chief technology officer at stablecoin issuer Tether, said bitcoin could "retest" its all-time high near $69,000.

☆ Tether CTO says bitcoin can 'retest' all-time highs this year
▼ + stars: | 2023-03-23 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTether CTO says bitcoin can 'retest' all-time highs this yearPaolo Ardoino, CTO of Tether, discusses with CNBC's Arjun Kharpal why bitcoin has rallied this year and where he sees the cryptocurrency going.

☆ Crypto firm Circle reveals $3.3 bln exposure to Silicon Valley Bank
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

March 11 (Reuters) - U.S. cryptocurrency firm Circle has $3.3 billion of its $40 billion of USD Coin reserves at the collapsed lender Silicon Valley Bank, the company said in a tweet on Friday. The stablecoin company's announcement comes after startup-focused SVB collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Boston-based Circle said last week it had moved a "small percentage" of USDC reserve deposits held at Silvergate to its other banking partners. The chief executive of cryptocurrency exchange Binance said in a tweet on Friday it had no exposure, as did Tether CEO Paolo Ardoino. Stablecoin issuer Paxos and crypto exchange Gemini tweeted they do not have any relationships with SVB.

☆ Stablecoin USDC breaks dollar peg after revealing $3.3 billion Silicon Valley Bank exposure
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +3 min

Circle has $3.3 billion of its $40 billion of USDC reserves at collapsed lender Silicon Valley Bank, the company said in a tweet on Friday. Silicon Valley Bank collapsed on Friday in the largest U.S. bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Circle said in a tweet on Friday that it and USDC "continue to operate normally" while the firm waits for clarity on what will happen to Silicon Valley Bank depositors. loadingCircle did not immediately respond to a request for comment about the dollar peg, sent outside of U.S. working hours. The chief executive of cryptocurrency exchange Binance said in a tweet on Friday it had no exposure to Silicon Valley Bank, as did Tether Chief Executive Paolo Ardoino.

The events of the year took many investors by surprise and made the task of predicting bitcoin's price that much harder. The crypto market was awash with pundits making feverish calls about where bitcoin was heading next. When asked about his $250,000 target earlier this month, the Draper Associates founder told CNBC $250,000 "is still my number" — but he's extending his prediction by six months. The entrepreneur says he's also done making bitcoin price predictions. Buehler said lack of risk management in the crypto industry, missing regulation and fraud have also been major factors affecting prices.

Genesis is owned by Stamford, Connecticut-based venture capital company Digital Currency Group. The contagion concerns stem from Genesis' prominence in crypto, its links to troubled firms and broader reach into the financial world. "It's a signal of worse outcomes" for the crypto market, particularly since Genesis also deals with brokers, family offices and money managers. Last year, Genesis extended $130.6 billion in crypto loans and traded $116.5 billion in assets, according to its website. Crypto.com, an exchange, and Tether, which operates the world's largest stablecoin, on said Wednesday they had no exposure to Genesis.

☆ Tumbling bitcoin overshadows El Salvador's crypto conference
▼ + stars: | 2022-11-17 | by ( Nelson Renteria | ) www.reuters.com time to read: +2 min

[1/2] A worker talks on a stand during the launch of Adopting Bitcoin – A Lightning Summit in El Salvador, in San Salvador, El Salvador November 15, 2022. Crypto exchange "Bitfinex will redouble its efforts to build a free, unstoppable, resilient and open bitcoin and technology infrastructure for El Salvador," said Paolo Ardoino, the firm's chief technology officer. Ifinex, Bitfinex's parent, has agreed to collaborate with El Salvador's government to create a digital asset and securities regulatory framework. "El Salvador will become the financial and tech center of Central America. The noise won't distract the builders," Ardoino added after meeting with El Salvador President Nayib Bukele.

☆ What We Know—and Don’t Know—About Tether’s Books
▼ + stars: | 2022-11-11 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Tether, the world’s largest stablecoin, has surged in popularity in the past two years. Now that tether has broken the buck again, questions are swirling about whether the stablecoin can maintain investor confidence in the midst of the meltdown in the cryptocurrency market. Tether fell as low as 97.7 cents Thursday, according to CoinDesk, after which it quickly rebounded to its intended $1 peg. Paolo Ardoino , chief technology officer of Tether Holdings Ltd., said on Twitter that it had been processing redemptions with “no issues” and “we keep going.”

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added. Tether's chief technology officer, Paolo Ardoino, tweeted that it had "no plans to invest in or lend assets to FTX." FTX also got hit by the Bahamas Securities Commission, where the company is based, freezing assets of FTX Digital Markets "and related parties". In a tweet, FTX said it had reached a deal with Tron to establish a special facility that would allow clients to swap some crypto assets from FTX to external wallets. Bankman-Fried told investors that Alameda owes FTX about $10 billion, the Wall Street Journal reported.

☆ Tether stablecoin loses its dollar peg as contagion from FTX's collapse spreads through the crypto market
▼ + stars: | 2022-11-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Tether briefly lost its dollar peg on Thursday after the implosion of FTX shook the confidence of the entire crypto market. Tether is the third largest cryptocurrency with a current market value of about $70 billion. The development is unsettling because it adds to concerns of contagion spreading throughout the crypto market as trust declines considerably. Tether, which is the third largest cryptocurrency and the world's largest stablecoin, fell to a low of $0.98 in Thursday morning trades before it recovered most of those losses. Responding to the downfall of FTX, Tether co-founder William Quigley told CNBC on Wednesday that crypto exchanges and currencies shouldn't lever up highly volatile assets with debt.

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added. Bankman-Fried told investors that Alameda owes FTX about $10 billion, the Wall Street Journal reported. FTX had lent more than half of its customer funds to Alameda, the newspaper said. The U.S. securities regulator is investigating FTX.com's handling of customer funds and crypto-lending activities, according to a source with knowledge of the inquiry. Canada's Ontario Teachers Pension Plan, Tiger Global and Japan's Softbank are also FTX investors.

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