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Is the head of Tether actually a plastic surgeon?
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Devasini's experience is quite legendary. According to a previous report by the Wall Street Journal, Giancarlo Devasini, who was born in Turin, Italy, was originally a plastic surgeon and later did electronic product import business in Hong Kong. In 1995, Italian prosecutors accused him of participating in a software piracy gang and committing fraud. After that, Devasini founded the technology company Solo in Italy. The company's annual revenue once exceeded 100 million euros, and he later sold it before the outbreak of the financial crisis in 2008. Today, this Italian, who is about 60 years old, has become one of the core figures in crypto finance.
Tether's head, Devasini, first came into contact with cryptocurrency in 2012 because of the Bitcoin white paper and was active in the Bitcoin forum. With his business experience and connections, he helped Bitfinex establish banking relationships and promote internationalization, and co-founded Tether with executives in 2014. Devasini plays a key role in the issuance and fund management of USDT, and works closely with major clients such as Alameda Research. Foreign media reported that he actively sought political allies to gain regulatory support for Tether. Today, Tether is accelerating its global expansion, and Devasini has become the chairman of the group, focusing on macroeconomic strategies to deepen the application of USDT in the field of digital assets.
Since 2021, Tether has disclosed 22 investments, covering fields such as encryption, media, sports, agriculture, commodities and biotechnology, of which the encryption field accounts for more than half, and mining investment is the most generous, with a total of more than US$2.1 billion. Its largest single investment is nearly US$1.2 billion in financing for German mining company Northern Data AG. Investment in the media industry reached US$780 million, mainly in Rumble, which has close ties with the Trump circle. In agriculture, Tether acquired 70% of the shares of Argentine agricultural giant Adecoagro for more than US$710 million. Its investment direction has gradually expanded from its early focus on encryption payments and mining to a global multi-industry layout. Although Tether has built a huge business empire with its dominant position in the stablecoin market, as the market matures and supervision becomes stricter, it still needs to find a balance between innovation, compliance and expansion in the future.
Tether has grown from a niche financial experiment to a giant in the crypto industry, demonstrating amazing profitability. Since 2022, its financial transparency has improved. Public data shows that the cumulative net profit from Q4 2022 to the end of 2024 reached US$19.9 billion, and the profit in 2024 alone exceeded US$13 billion, making it one of the companies with the highest per capita profit in the world. Tether's core profit sources include large-scale investment in U.S. Treasury bonds. In 2024, it purchased US$33.1 billion, becoming the world's seventh largest holder of U.S. Treasury bonds. In addition, the widespread use of USDT has consolidated its market position, especially as a safe-haven tool in countries with high inflation, and provides flexible payment methods in restricted markets, allowing Tether to play a key role in the global financial system.
Today, USDT is dominating the global stablecoin market and has become the most widely used stablecoin. According to DeFiLlama data, as of March 28, 2025, the issuance scale of USDT has exceeded 143.7 billion US dollars, with a market value of over 144.8 billion US dollars, accounting for about 61.9% of the stablecoin market. According to Tether CEO Paolo Ardoino, the number of USDT users worldwide is conservatively estimated to have exceeded 400 million, and the growth momentum is rapid. He expects it to reach 1 billion soon.
