- The media published a story with a valuation of Tether. According to it, the market value of the firm is around $9 billion.
- The possible sale of the organization would make four members of the top management team crypto billionaires.
- CTO Paolo Ardoino is among them.
In the event of a sale, the price of Tether, the company behind the USDT stablecoin, would be around $9 billion. This is the assessment of Forbes.
The publication cites the fact that the firm is stable and has a dominant position in the market as its reasoning. That said, the deal, if it happens, would potentially make four members of the top management team crypto billionaires, according to Forbes.
These include the CFO of the Bitfinex exchange, another portfolio organization of Tether’s parent company called iFinex, Giancarlo Devasini. His shareholding is valued at $4 billion, according to the publication. At the same time, the firm’s CFO does not advertise his wealth.
CEO of Tether Jan Ludovicus van der Velde is nothing more than a front man, according to the publication. However, he still controls a portion of the company’s stock; his stake, along with Paolo Ardoino’s CTO stake, was valued by Forbes at $1.8 billion.
The company’s general counsel, Stuart Hegner, is almost always in the shadows, according to the article. At the same time, his portion of the securities could fetch him $1.2 billion when sold.
The publication also cited two factors that could affect the organization. The first is the implementation of a regulatory framework for stablecoins in the U.S.
Remember, in April 2023, a vote on the bill in the U.S. House of Representatives derailed the U.S. House of Representatives. Circle and Paradigm have come out in favor of the bill.
The second is pressure from USDT holders. The publication notes that interest on deposit accounts in the United States is rising, and this may force Tether to raise the rate. Given the company’s current offer of more than $80 billion, this will have a serious impact on its revenues. Recall, in February 2023, WSJ published materials of its investigation into the management of Tether. The same names appear in it. At the same time, the company called the article “lies.”
The WSJ published its investigation into the management of Tether in February 2023.