In 2025, Paolo Ardoino, CEO of the world’s largest stablecoin issuer, went from just another cryptocurrency executive to one of the most prominent figures in the global transformation of financial infrastructure. Tether, the company behind USDT with a market capitalization of $185 billion, is increasingly blurring the line between blockchain innovation and traditional banking power.
This feature is part of CoinDesk List of the most influential of 2025.
Tether has long been held under serious suspicion about the somewhat opaque nature of the reserves backing USDT. Now, in a world with stronger regulation and a proliferation of competing stablecoin issuers, Tether finds itself at the forefront of one of the fastest-growing cryptocurrency sectors, with Ardoino at the helm.
Tether uses first US stablecoin law to reinvent its business
The growth of the stablecoin sector has been one of the most notable success stories in the cryptocurrency industry in 2025, driven by the introduction of formal regulatory regimes in major jurisdictions around the world. This was most prominent in the US, where the GENIUS Act, the first major cryptocurrency bill to become law in the US, was passed in July after coming under close scrutiny from several Wall Street banks and other traditional financial institutions (TradFi).
Hot on the heels of GENIUS, Tether introduced the USAT dollar stablecoin, designed specifically to meet the US stablecoin issuance standard. USAT marks the first time Tether has introduced a product built around a US regulatory framework, demonstrating the evolution of both the company and the industry at large, given the criticism and scrutiny Tether historically faced over its flagship USDT.
Ardoino told CoinDesk that Tether was introducing USAT to “create a more professional, digital approach to money that can compete with PayPal.” To this end, Tether enlisted TradFi giant Cantor Fitzgerald, whose former CEO and Chairman Howard Lutnick now serves as US Secretary of Commerce, as reserve custodian and federally chartered crypto bank Anchorage Digital as USAT issuer. Ardoino also named former White House crypto advisor Bo Hines to head its USAT division, in another sign that he was meeting policymakers on their own turf.
Tether has seized the opportunity of regulatory acceptance of stablecoins in the world’s largest capital market to position itself as a compliant financial services provider alongside esteemed partners.
The introduction of clearer regulation on the issuance of stablecoins, their treatment as financial instruments and rules on how they are backed helped contribute to a rise in the sector’s market capitalization, which reached $300 billion in October, a year-to-date increase of more than 45%. USDT’s dominance in the sector stood at a healthy 60% at the end of November.
Tether balance becomes an expansion weapon
However, Tether’s influence on the cryptocurrency industry is not defined solely by stablecoins. Under Adoino, the company is evolving from a mere token issuer to a financial infrastructure provider with the help of its huge balance sheet.
Tether’s profits by 2025 exceeded $10 billion in the third quarter, with an almost unimaginable profit margin of 99%, according to Ardoino. This somewhat astonishing balance sheet strength has given Tether the piles of dry powder necessary to transform itself into an investment or development bank in all but name. Ardoino said in July that his investment portfolio had grown to more than 120 companies, investments he had made through his profits.
The company has applied for an investment fund license in the cryptocurrency-friendly country of El Salvador, where it is based and where Tether has previously invested in bitcoin mining operations. Tether expanded its mining interests in 2025, acquiring a 70% stake in Brazilian agribusiness company Adecoagro to explore BTC mining with surplus renewable energy. Ardoino had said in May that he intended for Tether to be the largest bitcoin miner by the end of 2025, having invested $2 billion in energy production and mining operations.
Tether’s mining interests have extended beyond “digital gold” to physical gold, with reports that the company has held talks with mining groups about investing money in the gold supply chain, such as in refining and trading. Tether had acquired a minority stake in precious metals investment company Elemental Altus in June and holds $12.9 billion in gold. Ardoino referred to the yellow metal as “bitcoin in the wild,” in an appearance at Bitcoin 2025 in May.
Ardoino extends Tether reach to Italian soccer giant
A completely different but no less interesting company from Tether is the Juventus football club. Based in Turin in northern Italy, Ardoino’s hometown, Juventus is among the most famous and historic clubs in Italian and European football.
Tether acquired 8.2% of Juventus in February, a figure that increased to more than 10% in April to become the club’s second largest shareholder. Far from the set of cryptocurrency companies that paid sports clubs and leagues to have their name and brand splashed across stadiums and uniforms in 2021-22, Tether has sought an active role in the running of the club, asking to participate in the club’s capital increase and to be granted a seat on the board of directors.
The possibility of Tether exerting significant influence on the governance of one of the most famous football clubs in the world demonstrates the potential for Tether and Ardoino to build a global footprint that extends far beyond cryptocurrencies.
