Giancarlo Devasini

Giancarlo Devasini (born 1964 in Turin) is an Italian businessman and physician. He is the chief financial officer of Bitfinex, a cryptocurrency exchange, and co-founder of Tether (a stablecoin). According to reports, he owns a 47 percent stake in Tether, which is why his net worth was estimated at US$22.4 billion by Forbes in April 2025.^[1]

Giancarlo Devasini
Born	1964 Turin, Italy
Nationality	Italian
Alma mater	University of Milan
Title	Founder of Tether

Life

Born in Turin, Giancarlo Devasini graduated from the University of Milan with a degree in medicine in 1990 and then began working as a cosmetic surgeon, performing plastic surgery. However, he retired from medicine after two years and started working in the IT industry, where he founded several companies specializing in the distribution of computer components. He also founded a food delivery company called Delitzia, which included a blog about organic food.^[2][3] In 1995, he was accused of product piracy by Microsoft. To avoid prosecution and continue his business, he agreed to pay a fine of one million Italian liras.^[4] Several of his companies later went bankrupt.^[5]

Devasini later discovered the world of cryptocurrencies and was involved in the founding of the Bitfinex trading platform in 2012. Two years later, he founded the stablecoin Tether together with Paolo Ardoino, an Italian computer scientist living in Switzerland.^[2], which subsequently became the largest stablecoin by market capitalization, but sparked controversy over its backing, the cover-up of losses, and possible market manipulation.^[5] When Bitfinex, the trading platform associated with Tether, ran into financial difficulties in 2018, Devasini used Tether's reserves to keep Bitfinex afloat. Due to this conflict of interest, he paid a fine of US$18.5 million in New York in 2021 to settle a lawsuit.^[4]

Devasini is considered to be a reclusive figure. Between 2017 and 2023, he lived in the city of Lugano in Ticino, where he ran his billion-dollar business from an office above a sports bar and established contacts with local politicians.^[5] Tether has also signed a memorandum of understanding with the city of Lugano to promote cryptocurrencies and blockchain technology.^[4]