The four executives behind the biggest stablecoin in the world are reportedly worth over $1 billion each now that the market cap of Tether (USDT) is at an all-time high.
Despite a long bear market for digital assets, the British Virgin Islands-based company posted a profit of $1.5 billion in the first quarter of 2023 alone, with USDT accounting for over 50% of the entire crypto market’s liquidity, according to Forbes.
Tether could be sold for as much as $9 billion if the reported financials are correct, enough to make the firm’s top four executives billionaires.
Chief financial officer Giancarlo Devasini, who owns over 40% of Tether and is regarded as the mastermind of the company, is now worth at least $4 billion.
CEO Jan Ludovicus van der Velde and chief technology officer Paolo Ardoino each have company shares worth $1.8 billion. Meanwhile, Stuart Hoegner, the company’s general counsel, has a stake worth $1.2 billion.
Regulatory changes may impact Tether’s current valuation, however. According to Forbes, the approval of stablecoin regulations in Congress could give USDT’s more compliant competitors an edge.
IntoTheBlock previously revealed that USDT’s market cap has printed a new all-time high as it approaches the $84 billion level. The analytics firm also said that USDT’s circulating supply has risen by nearly 30% year-to-date.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney