The four executives behind the world’s largest stablecoin are worth more than $1 billion each now that Tether’s (USDT) market capitalization is at an all-time high.
Despite a prolonged bear market for digital assets, the British Virgin Islands-based company posted a $1.5 billion profit in the first quarter of 2023 alone, with USDT accounting for more than 50% of all liquidity in the cryptomarket, according to Forbes.
Tether can be sold for up to $9 billion if the reported financial information is correct, enough to make all four of the company’s top executives billionaires.
Chief Financial Officer Giancarlo Devasini, who owns more than 40% of Tether and is considered the company’s mastermind, is now worth at least $4 billion.
CEO Jan Ludovicus van der Velde and CTO Paolo Ardoino each own $1.8 billion of shares in the company. Meanwhile, Stuart Hoegner, the company’s general counsel, has a stake valued at $1.2 billion.
However, regulatory changes could affect Tether’s current valuation. According to Forbes, passing stablecoin regulations through Congress could give USDT’s more compliant competitors an edge.
IntoTheBlock previously revealed that the USDT market cap has set a new all-time high as it approaches the $84 billion level. The analytics firm also said that the circulating supply of USDT has risen by nearly 30% year-to-date.