Tether and Bitfinex Announce Stuart Hoegner's Retirement and Michael Hilliard's Promotion to General Counsel

Hoegner, who joined Bitfinex in 2014, has been instrumental in helping the stablecoin issuer and exchange through complex regulatory issues.

Stablecoin issuer Tether and crypto exchange Bitfinex have announced that Stuart Hoegner, their General Counsel, has retired from the role, with Michael Hilliard now set to lead the companies’ legal operations.

Having joined Bitfinex in 2014, Hoegner played a key part in guiding the stablecoin issuer and exchange through complex regulatory issues.

Over several years, Hoegner and Hilliard co-led the legal efforts of both companies, fulfilling pivotal roles in addressing compliance and regulatory challenges.

“Stu’s contributions to both Tether and Bitfinex have been immeasurable, and we are deeply grateful for his years of dedicated service,” commented Tether CEO Paolo Ardoino.

The leadership transition comes as the European Union’s Markets in Crypto-Assets (MiCA) regulation takes full effect, introducing a stricter regulatory framework for stablecoin issuers. MiCA mandates reserve and liquidity requirements for stablecoins such as Tether’s USDT.

Ardoino, who also serves as CTO of Bitfinex, highlighted Hilliard’s capacity to guide the companies through their next phase of growth.

“As we navigate the next chapter of growth for both Tether and Bitfinex, Michael’s deep understanding of the legal and regulatory landscape will be invaluable,” stated Ardoino.

In 2023, Tether parted ways with its long-serving and notably discreet CEO, Jean-Louis van der Velde. However, he retained his CEO position at Bitfinex, a crypto exchange that shares close ties with Tether, both being overseen by the Hong Kong-based parent firm, Ifinex.

Ardoino began his journey in the cryptocurrency space with Bitfinex in 2014 and later assumed the role of CTO at Tether in 2017. Throughout his tenure, his predecessor, van der Velde, remained largely out of the public eye, prompting some critiques about Tether’s transparency. This reticence was seen by many as symbolic of the company's overall lack of openness.

In contrast, Ardoino has often acted as the public face of Tether, frequently engaging with the media and participating in podcasts, often stepping up to address concerns and criticisms directed at Tether and its USDT token.

According to Tether’s recent reserves report, the company holds a surplus in shareholder capital cushion of $3.29 billion across 15 different blockchain ecosystems. With the exception of Algorand and Polygon, Tether has the authorization to issue USDT tokens in large quantities.