How a Few Tether Executives Turned Into Crypto Billionaires

The four founders of the largest stablecoin globally are reportedly individually worth more than $1 billion, owing to the surge in Tether's ($USDT) market capitalization, which has reached an all-time high.

Despite a prolonged bear market for digital assets, the company, headquartered in the British Virgin Islands, reported a remarkable profit of $1.5 billion during the first quarter of 2023. Forbes notes that $USDT accounts for over 50% of the entire crypto market’s liquidity.

If the reported financials are accurate, Tether could be sold for up to $9 billion, making the top four executives billionaires.

Giancarlo Devasini, the Chief Financial Officer and owner of over 40% of Tether is now valued at a minimum of $4 billion, considered the mastermind behind the company’s success.

CEO Jan Ludovicus van der Velde and Chief Technology Officer Paolo Ardoino both possess company shares valued at $1.8 billion each. Additionally, Stuart Hoegner, serving as the company’s General Counsel, holds a stake worth $1.2 billion.

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However, Tether’s current valuation might be impacted by regulatory changes. As noted by Forbes, the approval of stablecoin regulations in Congress could give a competitive advantage to more compliant alternatives to $USDT.

As of recent reports, $USDT’s market capitalization has hit a new all-time high, nearing $84 billion. The analytics firm IntoTheBlock also reveals that $USDT’s circulating supply has experienced nearly a 30% increase year-to-date.