Tether has expanded its venture capital ambitions and begun a broad hiring spree as it seeks to move beyond its hidden role as crypto plumbing and build a global conglomerate centered on freedom. The world’s largest stablecoin issuer is run by a small circle of executives who manage USDT, the $185 billion token that serves as the main bridge between crypto and dollars. The group is registered in El Salvador with a base in Switzerland and now spans about 140 investments, from a South American agricultural producer to a stake in Juventus. At a recent conference in San Salvador, chief executive Paolo Ardoino outlined a mission to create a freedom tech stack across finance, intelligence, communications and energy, arguing for peer-to-peer tools to counter Silicon Valley giants.
The company remains private with limited visibility across teams, and staff wore name tags for privacy reasons. A London-based team now oversees finance and operations under a new chief financial officer, Simon McWilliams, reflecting a push for more financial discipline. Giancarlo Devasini, a private Italian stakeholder long central to the venture, was visible at the conference in all-white but declined interviews. As it pursues a wider US presence, Tether has shifted its headquarters to El Salvador and previously maintained bases in the Isle of Man and the British Virgin Islands, while rival Circle is anchored in Manhattan.
Stablecoins face renewed scrutiny for illicit activity, with reports noting a large share of sanctioned payments involved Russia’s stablecoin and USDT. A letter from the New York district attorney and the state attorney-general questioned enforcement assistance, while Tether said it has no blanket legal obligation but does work closely with American agencies. Regulators remain concerned about reserve composition; Tether settled with authorities in 2021 over asset representations and continues to publish attestations though it has not issued a full audit, with S&P flagging the presence of risky assets. The group has also increased its holdings in traditional assets like US debt to strengthen a bridge between traditional finance and cryptocurrency, stockpiled land and gold to build a fortress, and used asset returns to fund its broader ambitions, including a roughly $775 million investment in Rumble, which hosts Truth Social; the event also showcased ambitious moonshot bets in robotics, AI and satellites.
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