Tether: ownership and influence behind a stablecoin

Meet Giancarlo and Paolo, one of them is probably the richest man in crypto. 🇮🇹

Binance? @cz_binance? --> Everyone knows the face.

But the more interesting, and possibly more powerful, name is Giancarlo Devasini.

Crypto. European. Not American.

Italian.

Almost invisible. Almost no public photos.
Almost no interviews. No show.

No hype. No shilling. No bullshit on X.

And somehow one of the most powerful men in crypto.

He is worth roughly $90 B!

And while Forbes estimates CZ at over $100 B, which CZ himself has questioned, Devasini may very well be the richest man in crypto.

CZ built the largest exchange.

Devasini sits behind the largest stablecoin.

He is the chairman of Tether and, according to SEC filings, has more than 50% voting interest in Tether Global Investments Fund.

Then there is Paolo Ardoino.

Italian as well. CEO of Tether.
CTO of Bitfinex.
Worth around $38 B according to Forbes.

Paolo is the public face.

Devasini is the man behind the structure.

Tether is not just another company in this space.

It is the blood flow of the entire offshore crypto market.

So while everyone talks about CZ, Saylor, Coinbase, ETFs and politicians, some of the most important people in crypto are Italians most people would not even recognise in a photo.

Italy’s richest man is not a fashion dynasty heir like Armani, Prada, or the Benettons.

Not a car empire heir like the Agnelli family behind Fiat, Ferrari, Jeep, Chrysler, RAM and Stellantis.

Not a chocolate empire heir like Giovanni Ferrero behind Nutella, Kinder, Ferrero Rocher and Tic Tac.

It is a man behind USDT.

Admit it.

You could walk past these 2 in a grocery store and have absolutely no idea who they are.

Giancarlo Devasini left. Paolo Ardoino right.