coindesk.com
In 2025, Paolo Ardoino, CEO of the issuer of the world's largest stablecoin, went from being simply another cryptocurrency executive to being one of the foremost figures in the global transformation of financial infrastructure. Tether, the company behind the $185 billion market cap USDT, is increasingly blurring the lines between blockchain innovation and traditional banking power.
This feature is a part of CoinDesk's Most Influential 2025 list.
Tether was long held with serious suspicion over the somewhat opaque nature of the reserves backing USDT. Now, in a world of more robust regulation and a proliferation of competing stablecoin issuers, Tether finds itself at the forefront of one of the fastest-growing sectors in cryptocurrency, with Ardoino at the helm.
Tether uses the first U.S. stablecoin law to reinvent its business
The growth of the stablecoin sector has been one of the standout success stories in the crypto industry in 2025, buoyed by the introduction of formal regulatory regimes in major jurisdictions around the world. This was most prominent in the U.S., where the GENIUS Act, the first significant crypto bill to become law in the U.S., was passed in July after having drawn the close scrutiny of a number of Wall Street banks and other traditional financial (TradFi) institutions.
Hot on GENIUS' heels, Tether unveiled dollar stablecoin USAT, specifically designed to meet the U.S. stablecoin issuance standard. USAT marks the first time Tether has introduced a product built around a U.S. regulatory framework, demonstrating the evolution of both the company and the wider industry, given the criticism and scrutiny that Tether historically faced over its flagship USDT.
Ardoino told CoinDesk that Tether was introducing USAT to "create a more professional and digital approach to money that can compete with PayPal." To this end, Tether enlisted TradFi giant Cantor Fitzgerald — whose former CEO and Chairman Howard Lutnick now serves as the U.S. Secretary of Commerce — as a reserve custodian and federally chartered crypto bank Anchorage Digital as USAT's issuer. Ardoino also appointed former White House crypto adviser Bo Hines to lead its USAT division, in another sign that it was meeting policymakers on their own turf.
Tether has seized the opportunity of regulatory acceptance of stablecoins in the world's largest capital market to position itself as a compliant financial service provider alongside esteemed partners.
The introduction of clearer regulation on the issuance of stablecoins, their treatment as financial instruments and rules on how they are backed helped contribute to a surge in the market cap of the sector, which reached $300 billion in October, a year-to-date increase of over 45%. USDT's dominance of the sector sat at a healthy 60% as of the end of November.
Tether’s balance sheet becomes a weapon for expansion
Tether's influence in the cryptocurrency industry is not defined solely by stablecoins, however. Under Adoino's direction, the company is transitioning from solely a token issuer to a financial infrastructure provider with the help of its enormous balance sheet.
Tether's profits for 2025 exceeded $10 billion as of Q3, with an almost-unimaginable profit margin of 99%, according to Ardoino. This somewhat staggering balance sheet strength has given Tether the heaps of dry powder needed to transform itself into an investment or development bank in all but name. Ardoino said in July that its investment portfolio had grown to more than 120 companies, investments it has made through its profits.
The company has applied for an investment fund license in crypto-friendly El Salvador, where it is headquartered, and where Tether has previously invested in bitcoin mining operations. Tether expanded its mining interests in 2025, acquiring a 70% stake in Brazilian agribusiness firm Adecoagro to explore BTC mining with surplus renewable energy. Ardoino had said in May that he intended Tether to be the biggest bitcoin miner by the end of 2025, having invested $2 billion in energy production and mining operations.
Tether's mining interests have extended beyond "digital gold" to physical gold, with reports that the company has held discussions with mining groups about putting money into the gold supply chain, such as in refining and trading. Tether had acquired a minority stake in precious-metals investment company Elemental Altus in June and holds $12.9 billion in gold. Ardoino referred to the yellow metal as "bitcoin in nature," in an appearance at Bitcoin 2025 in May.
Ardoino extends Tether’s reach to Italian soccer giant
An altogether different but no less interesting venture of Tether's is soccer club Juventus. Based in Turin in Northern Italy — Ardoino’s hometown — Juventus is among the most famous and storied clubs in Italian and European soccer.
Tether acquired 8.2% of Juventus in February, which it grew to over 10% in April to become the club's second-largest shareholder. Far from the array of crypto companies that paid sports clubs and leagues to have their name and branding splashed over arenas and uniforms in 2021-22, Tether has sought an active role in the running of the club, asking to participate in the club's capital increase and be granted a board seat.
The possibility of Tether exerting significant influence in the governance of one of the world's most famous soccer clubs demonstrates the potential for Tether and Ardoino to build a global footprint that stretches far beyond cryptocurrency.