In 2025, Paolo Ardoino, CEO of the issuer of the world’s largest stablecoin, went from being just another cryptocurrency executive to being one of the foremost figures in the global transformation of financial infrastructure. Tether, the company behind USDT’s $185 billion market cap, is increasingly blurring the lines between blockchain innovation and traditional banking power.
This feature is part of CoinDesk’s List of most influential 2025.
Tether was long held with serious suspicion over the somewhat opaque nature of the reserves backing USDT. Now, in a world of more robust regulation and a proliferation of competing stablecoin issuers, Tether finds itself at the forefront of one of the fastest-growing sectors of cryptocurrency, with Ardoino at the helm.
Tether is using the first US stablecoin law to reinvent its business
The growth of the stablecoin sector has been one of the prominent success stories of the crypto industry in 2025, supported 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 significant crypto law to become law in the US, was passed in July after drawing a number of Wall Street banks and other traditional financial (TradFi) institutions under scrutiny.
On the heels of GENIUS, Tether unveiled the dollar stablecoin USAT, specifically designed to meet the US stablecoin issuance standard. USAT marks the first time that Tether has introduced a product built around a US regulatory framework, demonstrating the evolution of both the company and the wider industry, given the criticism and scrutiny that Tether has historically faced over its flagship USDT.
Ardoino told CoinDesk that Tether introduced USAT to “create a more professional and digital approach to money that can compete with PayPal.” To this end, Tether hired TradFi giant Cantor Fitzgerald—whose former CEO and chairman Howard Lutnick now serves as the U.S. Secretary of Commerce—as a backup custodian and federally chartered crypto bank Anchorage Digital as USAT’s issuer. Ardoino also appointed former White House crypto adviser Bo Hines to lead its USAT division, in another sign that it was meeting politicians on their turf.
Tether has seized the opportunity for regulatory acceptance of stablecoins in the world’s largest capital market to position itself as a financial service provider alongside valued partners.
The introduction of clearer regulation of the issuance of stablecoins, their treatment as financial instruments and rules on how they are backed contributed to an increase in the sector’s market capitalization, which reached $300 billion in October, a year-to-date increase of over 45%. USDT’s dominance of the sector stood at a healthy 60% at the end of November.
Tether’s balance sheet becomes a weapon for expansion
However, Tether’s influence in the cryptocurrency industry is not solely defined by stablecoins. Under Adoino’s leadership, the company is transitioning from a purely token issuer to a financial infrastructure provider using its massive balance sheet.
Tether’s profits for 2025 exceeded $10 billion in Q3 with an almost unimaginable profit margin of 99%, according to Ardoino. This somewhat staggering balance sheet strength has given Tether the mounds of dry powder it needs to transform itself into an investment or development bank in all but name. Ardoino said in July that its investment portfolio had grown to more than 120 companies, investments it has made through its profits.
The company has applied for an investment fund license in crypto-friendly El Salvador, where it is headquartered and where Tether has previously invested in bitcoin mining. Tether expanded its mining interests in 2025, acquiring a 70% stake in Brazilian agribusiness firm Adecoagro to explore BTC mining with surplus renewable energy. Ardoino had said in May that he intended Tether to be the largest bitcoin miner by the end of 2025, after investing $2 billion in energy production and mining.
Tether’s mining interests have extended beyond “digital gold” to physical gold, with reports that the company has been in discussions with mining groups to put money into the gold supply chain, such as in refining and trading. Tether had acquired a minority stake in precious metals investment firm Elemental Altus in June and has $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’s reach to the Italian soccer giant
A completely different, but no less interesting venture by Tether, is the football club Juventus. Based in Turin in Northern Italy – Ardoino’s hometown – Juventus are among the most famous and well-known clubs in Italian and European football.
Tether bought 8.2% of Juventus in February, which it grew to over 10% in April to become the club’s second largest shareholder. Far from the ranks of crypto companies that paid sports clubs and leagues to have their name and branding splashed across arenas and uniforms in 2021-22, Tether has sought an active role in running the club, asking to participate in the club’s capital increase and gain a board seat.
The possibility that Tether can exert significant influence over the governance of one of the world’s most famous soccer clubs demonstrates the potential for Tether and Ardoino to build a global footprint that extends far beyond cryptocurrency.
