At the pinnacle of the fintech wave, a name called Tether is rewriting the global wealth landscape at an incredible speed. Currently, this world's largest stablecoin USDT issuer is planning to raise up to $20 billion by selling just 3% of its shares. If this move reaches its planned cap, Tether's market valuation will soar to an astonishing $500 billion.
What concept does $500 billion represent? This figure not only surpasses the hotly sought-after Open AI (valued at about $300 billion) and Musk's Space X (valued at about $450 billion), but also exceeds the combined market capitalization of Wall Street's two legendary giants - Goldman Sachs (market cap of $216 billion) and Blackstone Group (market cap of $148 billion).
However, more fascinating than this astronomical figure are the mysterious faces hidden behind the valuation. Who are they? A core team of fewer than ten people firmly controls this stablecoin empire with a circulation of up to 170 billion USD. If this financing succeeds, they will step from behind the scenes to the forefront, becoming some of the richest people in the history of cryptocurrency.
Tether Holdings, as a privately held company registered in the British Virgin Islands, has always had a mysterious equity structure. It wasn't until the investigation documents from the New York Attorney General's Office (NYAG) and the Commodity Futures Trading Commission (CFTC) in 2021, as well as a deep report by Forbes magazine in 2024, that we could piece together the power landscape of this wealth empire. These fragmented pieces of information reveal a diverse group of shareholders: from plastic surgeons to hardworking programmers, from a Dutch person learning Chinese in Taiwan to a Chinese businessman trapped in prison. Behind each person lies a little-known legend of wealth accumulation.
Chairman Giancarlo Devasini: From Plastic Surgeon to Mysterious Tycoon at the Top of the Global Rich List
Shareholding ratio: 47%|Potential net worth: 235 billion USD
Giancarlo Devasini may be the most powerful and low-profile billionaire in today's crypto world. This 61-year-old Italian rarely makes public appearances and has no social media accounts, yet he holds up to 47% of Tether's shares. With a valuation of $500 billion, his personal wealth would surpass that of investment mogul Warren Buffett, placing him fifth on the global billionaire list, behind only tech giants like Musk and Bezos.
Devasini's life trajectory is filled with dramatic twists. In 1990, he graduated from the University of Milan Medical School and became a plastic surgeon. But just two years later, he resolutely gave up this respectable job and plunged into the IT trading field. He sold computer parts and was once sued by Microsoft for selling pirated software. In 2008, a ruthless fire destroyed his warehouse, and the company declared bankruptcy. At 44, he almost returned to square one overnight.
This bankruptcy unexpectedly pushed him into the spotlight of cryptocurrency. In 2012, he invested in the then-unknown Bitfinex exchange and gradually gained control of its operations. He keenly recognized the issue of Bitcoin's price volatility and teamed up with tech genius Paolo Ardoino in 2014 to launch a stablecoin pegged 1:1 to the US dollar — Tether(USDT).
The road to entrepreneurship is full of thorns. In order to persuade banks to open accounts for this “suspicious” new entity, Devasini personally traveled to the Bahamas, Switzerland, and Hong Kong. During multiple life-and-death crises, such as the Bitfinex hack and facing payment processors freezing funds, he navigated through danger with decisive and even controversial methods, such as the issuance of debt tokens and using Tether reserves for emergency relief. Although these experiences led to regulatory investigations and the payment of tens of millions in settlement fees, they also solidified his absolute authority in the midst of repeated storms, with his shareholding ratio rising from 43% to 47%.
CEO Paolo Ardoino: The hardworking hero who knocks on the door of a hundred billion wealth with code
Shareholding ratio: about 20%|Potential net worth: 100 billion USD
If Devasini is the mysterious brain of the Tether empire, then Paolo Ardoino is its public face and heart. One operates behind the scenes, while the other is active on the social media front; one relies on capital operations, while the other exchanges code for power.
Ardoino's work intensity is almost obsessive. In 2017, he submitted over 40,000 lines of code on GitHub, averaging more than 100 submissions a day. This Italian programmer joined Bitfinex in 2014 and, with his exceptional technical skills and relentless work enthusiasm, rose from a senior software developer to CTO in 2017, officially taking over as Tether CEO in December 2023.
Even in a high position, he is still the programmer who fights until dawn. His X account is an important window for Tether's external communication, where he frequently responds to technical issues and mercilessly dismisses the Wall Street Journal's questioning articles as “clown articles.” This high-profile combative stance effectively fills the information vacuum left by Devasini's low profile, injecting a “visible” shot of confidence into the stablecoin business that requires trust. According to him, he hasn't taken a formal vacation in nearly ten years, and he hasn't even set foot in Japan, the “homeland of video games and anime” that he dreams of.
Former CEO Jean-Louis van der Velde: The “Taiwanese son-in-law” rooted in Asia
Shareholding ratio: 10-15%|Potential net worth: 50-75 billion USD
Jean-Louis van der Velde is the most Eastern-colored executive among Tether's leadership. The Dutchman's life took a turn in 1985 when he came to Taiwan Normal University to study Chinese, and since then he has settled in Asia. Nearly forty years later, this former international student is now a crypto giant holding hundreds of billions of dollars in wealth.
In 2013, he became the co-founder and CEO of Bitfinex, primarily responsible for building the company structure and handling external relations. Regulatory documents from 2018 show that he holds about 15% of Tether's shares. Unlike the mysterious Devasini and the active Ardoino, Van der Velde chose a “present but invisible” way of existing. Although he holds a high position, he rarely speaks publicly.
In October 2023, he handed over the baton of Tether CEO to Ardoino and transitioned to an advisory role while continuing to serve as CEO of Bitfinex. The most widely circulated detail about his personal life is that his wife is Taiwanese and deeply influenced by the local culture. It is said that he visits temples in northern Taiwan every year to light candles and pray for blessings. Whether this detail is true or not, it adds a touch of warmth to his low-key and pragmatic image.
Other key figures: legal advisors, mysterious shareholders, and Wall Street allies.
Stuart Hoegner( former General Counsel): holding 13%, with a potential net worth of $65 billion. This lawyer, known as @bitcoinlawyer since 2011, has been the legal guardian of Tether and Bitfinex for 11 years. He led the team through multiple regulatory storms and successfully stepped down in early 2025, viewed as a bold exit before stricter regulations arrived.
Christopher Harborne( mysterious shareholder): An investigation document from 2018 shows that a businessman with dual British and Thai nationality held 13% of the shares, but after that, this name disappeared from all public documents. Is he still holding shares? Where does this $65 billion wealth belong? This has become the biggest mystery in Tether's equity structure.
Cantor Fitzgerald( Wall Street Capital): In November 2024, this veteran Wall Street financial firm acquired 5% of Tether for $600 million, valuing the company at only $12 billion at the time, which was seen by the outside world as a “friendly price.” The key figure in this transaction is its CEO Howard Lutnick, who was appointed U.S. Secretary of Commerce shortly after the investment, and his son had also interned at Tether. This stake not only brought Tether over 40 times potential investment return but, more importantly, provided valuable Wall Street endorsement and potential government connections.
The most dramatic shareholder: the “passive” billionaire Zhao Dong in prison
Shareholding ratio：<5%(Bitfinex)|Potential wealth：tens of billions of dollars
Zhao Dong's story is the most dramatic. During the 2016 Bitfinex hacking incident, as a damaged user, he did not choose to cut losses and leave the market, but boldly accepted the “debt-to-equity” plan, turning his losses into equity in iFinex( Tether and the parent company of Bitfinex).
This prominent figure in the Chinese cryptocurrency circle reportedly held 10,000 bitcoins at his peak and claimed to be the unofficial “spokesperson” for Tether in the Chinese market. However, in June 2020, he was arrested and imprisoned for charges including money laundering. Ironically, during his imprisonment, the cryptocurrency market experienced an epic bull run, and the circulation of USDT skyrocketed by several times. If his equity was not disposed of, then his wealth, while being in prison, might have “passively” grown to several billion dollars, staging a real-life absurd drama.
Conclusion
In summary, the story of Tether reveals another side of the wealth code in the crypto era. It is not about the idealism of decentralization, but more like a precise business game. Fewer than ten key figures quietly stood at the center of the storm at the right time, building a vast, opaque, yet extremely profitable financial empire. With a financing plan valuing $500 billion coming to light, the past wealth stories of these secretive tycoons will ultimately become one of the most colorful chapters in crypto history.
