Tether is valued at 500 billion USD, and CEO Ardoino's net worth will surpass CZ.

The world's largest stablecoin issuer Tether is in discussions with investors to raise up to $20 billion, which would boost its valuation to $500 billion. Such a valuation would bring Tether Chairman Giancarlo Devasini's net worth close to $224 billion, making him the fifth richest person in the world. Additionally, CEO Paolo Ardoino's net worth would also reach $95 billion, surpassing Binance founder Zhao Changpeng (CZ).

(Tether seeks large-scale financing, with a valuation reaching 500 billion USD)

Tether is valued at $500 billion, and Chairman Devasini's net worth surpasses that of Buffett.

According to the Bloomberg Billionaires Index, if Tether's valuation successfully reaches $500 billion, the company's chairman Giancarlo Devasini will have a net worth of nearly $224 billion. He would become the fifth richest person in the world, just behind Musk, Larry Ellison, Mark Zuckerberg, and Jeff Bezos, surpassing the Oracle of Omaha, Warren Buffett.

61-year-old Devasini received medical training in Italy and worked as a plastic surgeon for two years, but later became disillusioned with the job. He started a business in electronic products, including DVDs and memory chips.

After he became interested in cryptocurrency, he invested in the exchange Bitfinex and eventually became the actual person in charge. In 2014, a senior executive of the company teamed up with Brock Pierce and Reeve Collins to found Tether. Devasini later acquired the shares they held. According to previous reports, Forbes estimated that he owns 47% of Tether.

CEO Paolo Ardoino's net worth surpasses CZ

According to the valuation, CEO Paolo Ardoino and former CEO Jean-Louis van der Velde's net worth will reach approximately 95 billion USD, placing them among the top 20 richest individuals.

41-year-old Italian Ardoino initially worked as a software engineer at Bitfinex and became the CEO of Tether by the end of 2023. Meanwhile, 61-year-old Dutch Jean-Louis van der Velde is a co-founder of Bitfinex, previously serving as the CEO of Tether, and is currently still the CEO of Bitfinex. Bloomberg estimates that both of their net worths will reach $95 billion.

Binance founder Zhao Changpeng (CZ) is currently the richest billionaire in the cryptocurrency space, with a wealth of 52 billion dollars. Tether competitor Circle co-founder Jeremy Allaire has a wealth of 2.6 billion dollars.

This article states that Tether is valued at 500 billion USD, and CEO Ardoino's net worth will surpass CZ, first appearing in Chain News ABMedia.