Giancarlo Devasini

Devasini began working as a cosmetic surgeon, performing [[cosmetic surgery|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.{{cite web|access-date=2025-05-01 |author=Forbes.it |date=2024-04-08 |language=it-IT |title=L'ex chirurgo plastico e l'informatico: chi sono Giancarlo Devasini e Paolo Ardoino, i nuovi miliardari italiani delle criptovalute |url=https://forbes.it/2024/04/08/giancarlo-devasini-paolo-ardoino-miliardari-italiani-crypto/ |website=Forbes Italia}}{{cite web|access-date=2025-05-01 |language=de-CH |title=Bilanz 300 Reichste 2024: Giancarlo Devasini {{!}} BILANZ |url=https://www.handelszeitung.ch/people/giancarlo-devasini}} 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.{{cite web|access-date=2025-05-01 |date=2024-04-05 |language=it-IT |title=Plan B: Giancarlo Devasini, l'uomo dietro a Tether, tra i più ricchi d'Italia |url=https://www.cdt.ch/news/plan-b-giancarlo-devasini-luomo-dietro-a-tether-tra-i-piu-ricchi-ditalia-347898 |website=Corriere del Ticino}} Several of his companies later went bankrupt.{{cite web|access-date=2025-05-01 |date=2025-04-16 |language=de |title=Lugano und der «Plan B»: Geld für Gelati, Terror und Drogen |url=https://www.woz.ch/2516/lugano-und-der-plan-b/geld-fuer-gelati-terror-und-drogen/!F60305KGQJ5M}}

Devasini began working as a cosmetic surgeon, performing [[cosmetic surgery|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.{{cite web|access-date=2025-05-01 |author=Forbes.it |date=2024-04-08 |language=it-IT |title=L'ex chirurgo plastico e l'informatico: chi sono Giancarlo Devasini e Paolo Ardoino, i nuovi miliardari italiani delle criptovalute |url=https://forbes.it/2024/04/08/giancarlo-devasini-paolo-ardoino-miliardari-italiani-crypto/ |website=Forbes Italia}}{{cite web|access-date=2025-05-01 |language=de-CH |title=Bilanz 300 Reichste 2024: Giancarlo Devasini {{!}} BILANZ |url=https://www.handelszeitung.ch/people/giancarlo-devasini}} 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.{{cite web|access-date=2025-05-01 |date=2024-04-05 |language=it-IT |title=Plan B: Giancarlo Devasini, l'uomo dietro a Tether, tra i più ricchi d'Italia |url=https://www.cdt.ch/news/plan-b-giancarlo-devasini-luomo-dietro-a-tether-tra-i-piu-ricchi-ditalia-347898 |website=Corriere del Ticino}} Several of his companies later went bankrupt.{{cite web|access-date=2025-05-01 |date=2025-04-16 |language=de |title=Lugano und der «Plan B»: Geld für Gelati, Terror und Drogen |url=https://www.woz.ch/2516/lugano-und-der-plan-b/geld-fuer-gelati-terror-und-drogen/!F60305KGQJ5M}}

Devasini later discovered the world of cryptocurrencies and was involved in the founding of the Bitfinex trading platform in 2012. 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.{{cite web|access-date=2025-05-01 |date=2024-04-05 |language=it-IT |title=Plan B: Giancarlo Devasini, l'uomo dietro a Tether, tra i più ricchi d'Italia |url=https://www.cdt.ch/news/plan-b-giancarlo-devasini-luomo-dietro-a-tether-tra-i-piu-ricchi-ditalia-347898 |website=Corriere del Ticino}}

Devasini later discovered the world of cryptocurrencies and was involved in the founding of the Bitfinex trading platform in 2012. 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.{{cite web|access-date=2025-05-01 |date=2024-04-05 |language=it-IT |title=Plan B: Giancarlo Devasini, l'uomo dietro a Tether, tra i più ricchi d'Italia |url=https://www.cdt.ch/news/plan-b-giancarlo-devasini-luomo-dietro-a-tether-tra-i-piu-ricchi-ditalia-347898 |website=Corriere del Ticino}} In 2026, Tether was described as a highly profitable company that paid $10.9 billion in dividends in 2025, with its USDT stablecoin valued at approximately $184 billion and dominating the market for dollar-pegged digital assets, while declining reserve buffers and increased exposure to riskier assets were identified as potential sources of financial risk.{{cite news |last=Proud |first=Liam |date=20 February 2026 |title=Stablecoin giant is crypto's fragile foundation |url=https://www.reuters.com/commentary/breakingviews/stablecoin-giant-is-cryptos-fragile-foundation-2026-02-20/ |access-date=23 April 2026 |work=Reuters}}

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.{{cite web|access-date=2025-05-01 |date=2025-04-16 |language=de |title=Lugano und der «Plan B»: Geld für Gelati, Terror und Drogen |url=https://www.woz.ch/2516/lugano-und-der-plan-b/geld-fuer-gelati-terror-und-drogen/!F60305KGQJ5M}} Tether has also signed a memorandum of understanding with the city of Lugano to promote cryptocurrencies and blockchain technology.{{cite web|access-date=2025-05-01 |date=2024-04-05 |language=it-IT |title=Plan B: Giancarlo Devasini, l'uomo dietro a Tether, tra i più ricchi d'Italia |url=https://www.cdt.ch/news/plan-b-giancarlo-devasini-luomo-dietro-a-tether-tra-i-piu-ricchi-ditalia-347898 |website=Corriere del Ticino}}

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.{{cite web|access-date=2025-05-01 |date=2025-04-16 |language=de |title=Lugano und der «Plan B»: Geld für Gelati, Terror und Drogen |url=https://www.woz.ch/2516/lugano-und-der-plan-b/geld-fuer-gelati-terror-und-drogen/!F60305KGQJ5M}} Tether has also signed a memorandum of understanding with the city of Lugano to promote cryptocurrencies and blockchain technology.{{cite web|access-date=2025-05-01 |date=2024-04-05 |language=it-IT |title=Plan B: Giancarlo Devasini, l'uomo dietro a Tether, tra i più ricchi d'Italia |url=https://www.cdt.ch/news/plan-b-giancarlo-devasini-luomo-dietro-a-tether-tra-i-piu-ricchi-ditalia-347898 |website=Corriere del Ticino}}