As bitcoin soars people ask who is Giancarlo Devasini, Italy’s richest man?

Bitcoin is back in the spotlight after a week-long rally pushed the <a href="https://xpertsstudio.com/which-crypto-is-the-best-to-buy-right-now/” title=”Which Crypto Is the Best to Buy Right Now?”>cryptocurrency above $79,000, with gains of more than 20% in just a few days.

The rally has been driven by fresh flows into spot Bitcoin ETFs, expectations of greater liquidity in the United States, a more favourable climate for cryptocurrencies in Washington and a squeeze on traders betting against Bitcoin.

But there is a distinctly Italian twist to the story. While Bitcoin returns to centre stage, Italy’s richest man is someone who built his fortune at the heart of the crypto economy.

At 62, Giancarlo Devasini, chairman of Tether — the company behind USDT, the world’s largest stablecoin — has amassed a fortune estimated by Forbes at $89.3 billion, making him the world’s 23rd-richest person.

His fortune is almost twice the $48.8 billion attributed to Italian businessman Giovanni Ferrero and also well ahead of Andrea Pignataro, whose wealth is estimated at $42.6 billion. It is the first time since 2007 that an Italian other than a member of the Ferrero family has occupied the top spot.

He didn’t get rich by buying Bitcoin

To say that Devasini made his money “with Bitcoin” is striking, but not entirely accurate. His wealth was built through the broader crypto economy, above all through Tether and the ecosystem that has developed around cryptocurrencies.

Tether issues USDT, a stablecoin designed to maintain a value close to one US dollar. It has become a kind of transit currency for the crypto world, allowing market participants to move money quickly between exchanges and digital assets without having to return to the traditional banking system.

This is where the scale becomes enormous. At the end of 2025, there were more than 186 billion USDT in circulation, while Tether reported more than $10 billion in profits for the year.

A large share of its reserves is invested in US Treasury securities. By the end of 2025, Tether’s direct holdings of US Treasuries exceeded $122 billion, while its total exposure, including indirect holdings, was above $141 billion.

Forbes estimates that Devasini owns around 45% of Tether. It is this stake, valued according to the company’s size and profitability, that has propelled his estimated wealth to such heights.

From medicine to digital finance

Born and raised in the Casale Monferrato area of northern Italy, Devasini studied medicine and specialised in plastic surgery. But his medical career did not last long. His path instead led him towards IT, e-commerce and eventually digital currencies.

Source: ca.finance.yahoo.com