Who would have thought that a plastic surgeon could become one of the most influential figures in the crypto world?

That’s the story of Giancarlo Devasini, a low-profile figure who controls the world’s largest stablecoin, Tether ($USDT).

How did Devasini become one of the most influential figures in the global crypto world? Let’s take a look at the following review.

Early Background

Giancarlo Devasini was born in 1964 in Turin, Italy. After completing his medical studies at the University of Milan in 1990, he began his career as a plastic surgeon.

However, this profession did not bring him inner satisfaction. He considered his work more of a form of “exploitation of fleeting desires” than a true calling.

Two years into his practice, Devasini finally made a major decision: to leave the medical field and seek a new path more suited to his passion for technology.

This bold move out of his comfort zone led him to the hardware business and then finance.

In 1992, he began his entrepreneurial journey by founding Point-G Srl in Milan, which imported computer components from Asia for the European market. This initial success led him to found Solo SpA in 1997.

This company became a pioneer in the DRAM market, sorting and reselling “out-of-spec” products from major manufacturers such as Micron Technology and Taiwan Semiconductor.

From there, Solo grew rapidly, spawning several subsidiaries and generating hundreds of millions of euros in annual revenue before being sold in 2008, just before the global financial crisis hit.

This early story demonstrates a crucial aspect of Devasini’s journey: the courage to break from established paths to pursue what she truly believed in.

From doctor to tech entrepreneur, her decision to leave the medical world opened the door to far greater opportunities, which would eventually lead her to become one of the most influential figures in the crypto world.

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Entering the Crypto World

After selling his hardware business and briefly attempting retirement in 2008, Giancarlo Devasini felt he wasn’t cut out for a life without challenges. A few years later, in early 2012, he accidentally discovered Bitcoin.

This new technology immediately captivated his attention. Devasini saw that Bitcoin was not just a digital currency, but a major breakthrough that could change the way the world viewed the financial system.

From there, he realized his future lay in the crypto industry. In late 2012, Devasini met Raphael Nicolle, who had just rebuilt Bitfinex from the ruins of Bitcoinica.

The two found a shared vision, and Devasini soon joined as a partner. In 2013, he officially became Bitfinex’s Chief Financial Officer (CFO).

His role extended beyond financial management to helping the crypto exchange develop and thrive amidst regulatory and banking challenges.

He successfully built relationships with banks, recruited key talent, and relocated Bitfinex’s operations to a more favorable jurisdiction. Devasini’s early involvement has made Bitfinex one of the world’s largest crypto exchanges.

His journey also depicts a unique transition, starting in the medical field, then delving into the hardware business, then entering the financial sector, and ultimately becoming an influential figure in the global crypto ecosystem.

Tether and Stablecoin Dominance

After successfully building Bitfinex, Giancarlo Devasini went a step further by founding Tether in 2014.

This innovation introduced the US dollar-pegged stablecoin USDT, designed to bridge the gap between the traditional financial system and the notoriously volatile crypto world.

The idea proved revolutionary, providing stability in a market previously highly susceptible to price fluctuations.

Under Devasini’s leadership, Tether has grown to become the world’s largest stablecoin, with a market capitalization exceeding $100,000,000,000 by April 2025, according to Bloomberg.

Nearly all major crypto exchanges now use USDT as a trading pair, making it a kind of liquidity “lubricant” that drives the global crypto ecosystem.

According to a Forbes 2025 report, Devasini holds approximately 47% of Tether Holdings, making him the largest shareholder and a key figure behind the company’s growth.

With its financial strategy, Tether was able to generate profits of up to $6,200,000,000 in 2023, largely from interest on customer collateral.

Tether’s dominance not only strengthened its position in the crypto market but also cemented Devasini’s reputation as one of the most influential billionaires in the modern financial world.

Wealth & Position in 2025

In 2025, Giancarlo Devasini was recorded as having a net worth of approximately $22,400,000,000, according to Forbes.

This surge in wealth stemmed primarily from his ownership of Tether, where he is estimated to control nearly 47% of the shares.

With company profits reaching $6,200,000,000 in 2023, Tether has emerged as a financial engine, solidifying his position among the world’s billionaires.

This success placed Devasini on the list of the 100 richest people globally, making him one of the most influential figures in crypto.

However, unlike other crypto figures like Binance’s Changpeng Zhao, Coinbase’s Brian Armstrong, or MicroStrategy’s Michael Saylor, Devasini tends to keep a low profile and rarely appears in public.

This low-profile style is why he’s often referred to as the “shadow” figure behind the dominance of the world’s largest stablecoin.

Controversy & Criticism

Despite its dominance, Giancarlo Devasini’s Tether has never been free from controversy. The main issue that often arises is the transparency of USDT reserves.

Many parties, including regulators in the United States and Europe, question whether each token issued is fully backed by secure and liquid assets.

This criticism has put Tether in the media spotlight, and it was even predicted to collapse due to regulatory pressure.

However, in reality, Tether has only grown bigger. With more than 100,000,000,000 tokens in circulation by 2025, USDT has become the backbone of global crypto trading.

This situation shows that despite being shrouded in controversy, Tether has been able to maintain market confidence and continue to generate huge profits.

Inspiring Lessons from Giancarlo Devasini

Giancarlo Devasini’s life story provides valuable lessons about the courage to make big decisions.

From a plastic surgeon who studied medicine at the University of Milan, he chose to leave a stable career path to pursue his passion in technology.

This pivot took him from the medical world to hardware business, then finance, until he finally found his new calling in the crypto industry.

Interestingly, even though he now holds a strategic position as CFO of Bitfinex and the largest shareholder of Tether, Devasini maintains a low profile.

He rarely appears in the media, but his influence behind the scenes is enormous, especially in building Tether into the world’s largest stablecoin.

Conclusion

So, that was an interesting discussion about the story of Dan Morehead, the visionary who brought VC to the crypto world. You can read more about it in the INDODAX Academy’s crypto academy.

In conclusion, Dan Morehead may not be the richest person in the crypto industry, but he is a visionary who has successfully brought the venture capital model to the blockchain realm.

His role paved the way for the entry of large institutions and accelerated the acceptance of crypto in the global financial world.

Morehead’s story serves as a reminder that in the crypto ecosystem, it’s not just developers and traders who set the direction, but also visionary investors who dare to see the potential early.

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FAQ

1.Who is Giancarlo Devasini?
Giancarlo Devasini is the CFO of Bitfinex and a major shareholder of Tether, the world’s largest stablecoin.

2.How much will Giancarlo Devasini be worth in 2025?
Forbes estimates his wealth at around $22,400,000,000 in 2025.

3.What is Giancarlo Devasini’s role in the crypto world?
He controls Tether (USDT), a stablecoin that forms the backbone of global crypto liquidity.

4.Has Giancarlo Devasini ever been a doctor?
Yes, he started his career as a plastic surgeon before shifting to business and ultimately to crypto.

Author: Boy