Tether valued at $200B–$375B in secondary markets; Forbes breaks down major shareholder stakes

Stablecoin issuer Tether is trading in secondary markets at an implied valuation of $350 billion to $375 billion, below a previously reported $500 billion funding target, while Forbes estimates the company's current value at about $200 billion based on conversations with cryptocurrency investors and executives. At the $200 billion level, CFO Giancarlo Devasini's roughly 44%–45% stake equals a net worth of around $89 billion, CEO Paolo Ardoino and former CEO Jean-Louis van der Velde each hold about 19% worth roughly $38 billion, General Counsel Stuart Hoegner owns around 12% valued at approximately $25 billion, and Cantor Fitzgerald's 5% holding would be worth $10 billion. At a $350 billion valuation, Devasini's stake would exceed $156 billion, surpassing Warren Buffett's $147.8 billion net worth. Tether generated around $10 billion in unaudited profit last year, with USDT's market cap at $184 billion backed over 80% by U.S. Treasuries and short-term securities, plus about $23 billion in gold, $6.4 billion in Bitcoin, a venture portfolio of more than 120 companies valued above $10 billion, and the recent launch of U.S.-compliant stablecoin USAT issued via Anchorage Digital Bank, Forbes reported.