Original Article Title: "Global Per Capita Most Profitable Company Tether: CEO's Background as Plastic Surgeon, Accelerates Multi-Billion-Dollar Profit Diversification"

Original Article Author: Nancy, PANews

Relying solely on a team of a hundred people serving hundreds of millions of users worldwide and leveraging billions of dollars in profits, Tether, this "money printing machine," is operating with astonishing efficiency.

In the crypto world, a "money printing machine" is operating with astonishing efficiency: the stablecoin giant Tether. This team of only a hundred people serves hundreds of millions of users globally, leveraging billions of dollars in profits. And behind all of this is Giancarlo Devasini, the mastermind, who has not only transitioned from a plastic surgeon to a heavyweight in crypto finance but has also led Tether from the fringes of innovation to the center stage of the global financial arena through strategic positioning.

Today, Tether not only firmly holds the stablecoin hegemony but has also extended its reach into diversified fields such as mining, media, agriculture, and more through massive investments, embarking on an ambitious global expansion.

A Hundred-Person Team Earning Billions in Profits, Seventh Largest Buyer of US Treasury Bonds

As the world's largest stablecoin issuer, Tether has transformed from its humble beginnings as a niche financial experiment into a behemoth in the crypto industry, demonstrating astonishing profitability and market influence.

Over the past decade, Tether's publicly disclosed net profit has reached billions of dollars. Although Tether lacked detailed financial data disclosure in its early development stages, starting from 2022, the company began to fully disclose financial reports to enhance transparency. According to comprehensive public data, in just over two years from the fourth quarter of 2022 to the end of 2024, Tether's cumulative net profit reached at least $19.9 billion.

Especially in 2024, with only a streamlined team of about 150 employees, Tether achieved a total profit of over $13 billion, equivalent to an average profit of approximately $93 million per employee, making it one of the most profitable companies per capita globally, far surpassing traditional financial giants like BlackRock and even rivaling Visa in transaction volume.

In terms of profit composition, US Treasury bonds are undoubtedly Tether's core profit engine. Since the Fed began raising interest rates in 2022, Tether has invested a large amount of reserve funds in US Treasury bonds, gradually becoming one of the major buyers of US Treasury bonds. In 2024 alone, Tether purchased $33.1 billion in US Treasury bonds, making it the seventh largest buyer of US Treasury bonds, surpassing countries such as Canada, Mexico, Norway, South Korea, Germany, and Saudi Arabia. As of the end of December last year, the quarterly reserve report showed that Tether's total holdings of US Treasury bonds were valued at $94 billion.

In addition to asset allocation, the widespread adoption of the USDT stablecoin is also a key pillar of Tether's profit capture. As a USD-pegged digital asset, USDT not only surpasses the limitations of traditional financial instruments in functionality but also plays multiple roles in global financial transactions: in high inflation countries such as Venezuela and Turkey, USDT has become the preferred tool for residents to hedge against local currency depreciation and circumvent capital controls, providing an avenue for economic turmoil regions' inhabitants to seek refuge. In restricted markets and gray areas, USDT serves as a flexible and hard-to-trace financial medium.

Today, USDT is leading the global stablecoin market, becoming the most widely used stablecoin. According to DeFiLlama data, as of March 28, 2025, the circulating supply of USDT has exceeded $143.7 billion, with a market cap over $144.8 billion, capturing approximately 61.9% of the stablecoin market share. Furthermore, Tether's CEO, Paolo Ardoino, revealed that the conservative estimate of USDT's global user base has surpassed 400 million, with a rapid growth trajectory, and he expects it to soon reach 1 billion.

Behind the Scenes to the Forefront, the Actual Helmsman Once an Italian Plastic Surgeon

The mastermind and actual helmsman behind this largest crypto printer are widely recognized as Tether's former CFO Devasini. According to Forbes estimates, Devasini holds 47% of the shares, making him Tether's largest shareholder with a net worth of up to $9.2 billion. However, this core figure in Tether maintains a low-key lifestyle in Lugano, Switzerland, known as a Bitcoin hub, rarely granting interviews, and even having his business card read "No title, no job, nothing."

Devasini's journey is quite legendary. According to a previous report by The Wall Street Journal, Giancarlo Devasini, born in Turin, Italy, started as a plastic surgeon and later engaged in electronics import business in Hong Kong. In 1995, Italian prosecutors accused him of involvement in operating a software piracy group, committing fraud. Subsequently, Devasini founded the tech company Solo in Italy, with annual revenue once exceeding 1 billion euros, before selling it before the 2008 financial crisis. Now, this around 60-year-old Italian has become one of the key figures in crypto finance.

It all starts in 2012 when the Bitcoin whitepaper ignited Devasini's interest in cryptocurrency. He once posted on a Bitcoin forum inquiring if anyone would be willing to buy DVDs or CDs at a price of 0.01 BTC each (about 11 cents at the time) and promised free delivery for bulk orders.

It was during that time that Devasini also met Bitfinex founder Raphael Nicolle. Leveraging his extensive business experience and network, he established key banking relationships for Bitfinex, driving the platform's internationalization, including relocating its jurisdiction to the British Virgin Islands, with headquarters in Hong Kong, gradually becoming a key figure at Bitfinex. In 2014, he co-founded Tether with Bitfinex executives and launched USDT.

Devasini was deeply involved in Tether's issuance decisions and fund management, particularly playing a key role in partnerships with major clients. For example, Alameda Research once applied for and received billions of USDT in support from Tether, with Devasini seen as the driving force behind the scenes. Bloomberg cited chat records submitted by Alameda's former CEO Caroline Ellison, showing that Devasini had told Alameda traders, "We are one big family...we will conquer the world." FTX founder SBF also publicly supported Devasini, stating, "Devasini is very proud of what he has built in Bitfinex and Tether. He is always on, not just reacting to crises or incredible opportunities, but also reacting to day-to-day operations. The criticisms of Tether that are 'without basis' seem frivolous."

Furthermore, reports have indicated that Devasini actively sought political allies to secure a regulatory "umbrella" for Tether. The Wall Street Journal previously reported that Devasini had privately indicated last year that Cantor Fitzgerald's Chairman and U.S. Secretary of Commerce Howard Lutnick would use his political influence to address the threats facing Tether. U.S. Senator Elizabeth Warren also pressured Howard Lutnick during his nomination, demanding an explanation of his relationship with Tether. It is noteworthy that Cantor manages part of Tether's reserves and holds a 5% ownership. However, Tether denied the market's claim that Lutnick's influence affects regulatory actions.

Today, as Tether expands at an astonishing pace, Devasini has also moved from behind the scenes to the strategic forefront, assuming the role of Group Chairman, focusing on macroeconomic strategies aimed at deepening USDT's global digital asset applications.

Diversification Strategy Accelerates, Mining and Media Receive Major Investments

Amid increasing regulatory scrutiny and intensified market competition, Tether is weaving a cross-industry business network through diversified investments.

According to PANews' incomplete statistics, since 2021, Tether has publicly disclosed a total of 22 investment projects spanning various fields such as crypto, media, sports, agriculture, commodities, biotechnology, among others. Among these, the crypto sector is Tether's most core investment focus, especially in mining, payments, stablecoins, wallets, with actions being particularly frequent, accounting for over half of the overall investment count.

In terms of funding size, Tether's investment in mining is the most generous, with a cumulative investment amount exceeding $2.1 billion, far surpassing other sectors. The largest of these is the investment in the German mining company Northern Data AG, where Tether provided $575 million in debt financing and a $610 million credit line. Volcano Energy, Northern Data, and Bitdeer also received investments in the hundreds of millions. Following mining is the media industry, with Tether's total investment reaching $780 million, the majority of which went to Rumble ($775 million).

PANews previously reported that this substantial investment carries strong political undertones and resembles more of a business strategy tied to the Trump circle. Rumble has deep connections with former U.S. President Trump, often referred to as the "Trump concept stock," and even the investment fund Narya Capital Management of U.S. Vice President J.D. Vance has participated in Rumble's investments. In the agricultural sector, Tether holds up to 70% of Argentine agricultural giant Adecoagro through two investments, totaling over $710 million. Additionally, Tether acquired a majority stake in the biotechnology company Blackrock Neurotech for $200 million, with a valuation of $3.5 billion.

From a temporal perspective, between 2021 and September 2024, Tether primarily focused on crypto development, especially in mining and payment directions. Subsequently, its investment pace has markedly accelerated, and the strategic direction has become increasingly diversified, expanding from a single sector to a global layout spanning multiple industries.

Despite Tether's establishment of a robust crypto business empire through diversified investments and its dominant position in the stablecoin market, as the crypto market matures and the regulatory environment continues to evolve, Tether will face increasingly complex challenges in the future. This will depend on how it balances innovation, compliance, and expansion in the ever-changing global stage.

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