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Giancarlo Devasini’s rise to prominence as Italy’s richest man highlights the significant financial power wielded by key figures in the cryptocurrency infrastructure sector. Tether, as a major stablecoin issuer, plays a critical role in market liquidity and price discovery. The substantial investment in U.S. Treasury securities by Tether indicates a conservative approach to reserve management, potentially mitigating some risks associated with volatile digital assets. However, the stablecoin industry, including Tether, has faced regulatory scrutiny regarding its reserves and operational transparency. The company’s increasing diversification into traditional assets like sports teams could be seen as a move to legitimize its operations and broaden its appeal, but also introduces new risks and complexities associated with managing investments in different sectors.
As the cryptocurrency market experiences a significant upswing, with Bitcoin surpassing $79,000 and marking gains of over 20% in recent days, attention is turning to the individuals powering this digital asset ecosystem. Among them, Giancarlo Devasini, the 62-year-old chairman of Tether, the company behind the world’s largest stablecoin USDT, has been identified as Italy’s wealthiest individual.
Forbes estimates Devasini’s net worth at $89.3 billion, positioning him as the 23rd-richest person globally. This valuation significantly outpaces fellow Italian billionaires Giovanni Ferrero ($48.8 billion) and Andrea Pignataro ($42.6 billion). It marks the first instance since 2007 that an Italian not affiliated with the Ferrero family has held the top spot on the country’s wealth rankings.
Devasini’s wealth, while intrinsically linked to the broader cryptocurrency economy, is not solely derived from direct Bitcoin investments. His fortune has been primarily built through Tether and its associated infrastructure. Tether’s stablecoin, USDT, acts as a crucial intermediary currency within the crypto space, facilitating swift transactions between exchanges and digital assets without requiring traditional banking channels.
The scale of Tether’s operations is substantial. By the end of 2025, over 186 billion USDT were in circulation, with the company reporting profits exceeding $10 billion for the year. A significant portion of Tether’s reserves is invested in U.S. Treasury securities, with direct holdings surpassing $122 billion and total exposure exceeding $141 billion by the close of 2025. Forbes estimates Devasini’s ownership stake in Tether at approximately 45%, which forms the basis of his substantial estimated wealth.
Devasini’s journey into finance began after a brief career in medicine, where he specialized in plastic surgery. He transitioned into the IT sector, e-commerce, and eventually digital currencies. Early records suggest his involvement in Bitcoin dating back to 2012, when he reportedly offered to sell digital goods for bitcoin on a forum.
His pivotal role in the crypto economy solidified with his involvement in Bitfinex, a cryptocurrency exchange, and subsequently, Tether. Tether, originally known as Realcoin, was renamed in 2014. Devasini became a central figure in the company, while Paolo Ardoino, now Tether’s CEO, emerged as the public face of the organization. Ardoino has previously stated he met Devasini while working on Bitfinex’s software.
Despite his immense wealth, Devasini has maintained a low public profile, offering few interviews and making limited public appearances. This contrasts with the more visible public personas of many other billionaires, with Ardoino frequently serving as Tether’s spokesperson.
Tether’s increasing prominence extended into traditional sectors, notably Italian football. In February 2025, the company acquired a stake in Juventus, the prominent Italian football club, initially representing over 5% of its voting rights. By April, Tether’s stake had grown to more than 10% of the club’s share capital, making it the second-largest shareholder. By later in the year, the stake reached approximately 11.5%, with Tether gaining representation on Juventus’ board of directors.
This strategic move into sports marks an expansion for Tether beyond its core stablecoin operations, reflecting a diversification of investments into entertainment and sports. The company’s business model is centered on providing essential financial infrastructure for a significant portion of the cryptocurrency market, rather than solely relying on the speculative rise of Bitcoin. This foundational role in the crypto economy has been instrumental in establishing Devasini’s considerable fortune and elevating him to Italy’s wealthiest individual.
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