Journalists have calculated how much Tether shareholders will earn when selling their shares
Date: 2023-07-31 Author: Karina Ziganova Categories: BUSINESS
The owners of the issuer of the USDT stablecoin, Tether, will become dollar billionaires if the company is sold, Forbes journalists calculated.
In the first three months of 2023, Tether, which accounts for more than 50% of all crypto market liquidity, claims to have made a profit of $1.5 billion. In particular, Tether Chief Financial Officer Giancarlo Devasini, who has a 40% stake in the company, will receive $4 billion.
Tether CEO Jan Ludovic Van der Velde and its technical director Paolo Ardoino, if they sell their shares, will receive $ 1.8 billion each. Securities of the head of the legal department of Tether, Stuart Hegner, are valued at $ 1.2 billion.
"Dubious financial experience" of Tether shareholders
Earlier, journalists found out that Tether was managed by a group of four people with "meager financial experience."
In particular, the largest shareholder of the company Devasini in the past was a plastic surgeon. Jan-Lewis van der Velde was an electronics importer, while Hogner was a gambling enthusiast.
Who controls Tether's reserves
The Wall Street Journal, citing its own sources, reported that the American Wall Street company Cantor Fitzgerald holds $39 billion in Tether bonds under management. The issuer of the USDT stablecoin entrusted Cantor Fitzgerald with asset management back in 2021.
Journalists suggest that the centralization of such a large amount of Tether reserves in the hands of one firm indicates the willingness of Wall Street to turn a blind eye to the dubious past of crypto companies in order to manage billions of dollars in assets. However, exactly how Tether's reserves are managed in Cantor Fitzgerald is unknown.
