Bitcoin's latest surge, which pushed the cryptocurrency above $79,000 after a 20% gain in days, has reignited global interest in digital assets. But for Italy, the rally carries a distinctly local twist: the country's wealthiest individual is not a traditional industrialist or heir, but the chairman of the world's largest stablecoin company.
Giancarlo Devasini, a 62-year-old from the northern Italian town of Casale Monferrato, now tops Forbes' ranking of Italian billionaires with an estimated fortune of $89.3 billion. That places him ahead of Giovanni Ferrero, whose confectionery empire has long dominated the list, and Andrea Pignataro, a financial technology entrepreneur. It is the first time since 2007 that someone outside the Ferrero family has claimed the top spot.
Devasini's wealth is not a simple story of early Bitcoin adoption. Instead, it is built on Tether, the company behind USDT, the most widely used stablecoin. USDT is designed to hold a value close to one US dollar and has become a crucial bridge between traditional finance and the crypto economy, allowing traders to move funds quickly without exiting into fiat currency.
The scale of Tether's operations is staggering. By the end of 2025, more than 186 billion USDT were in circulation, and the company reported over $10 billion in annual profits. A significant portion of its reserves is invested in US Treasury securities, with direct holdings exceeding $122 billion and total exposure above $141 billion. Forbes estimates Devasini owns roughly 45% of Tether, a stake that has propelled him to the 23rd spot on the global rich list.
From scalpels to stablecoins
Devasini's path to crypto was unconventional. He trained as a plastic surgeon but soon pivoted to IT and e-commerce. According to a Financial Times investigation, he was active on a Bitcoin forum as early as 2012, offering CDs and DVDs for the then-nascent cryptocurrency. That early engagement led him to Bitfinex, the exchange, and eventually to Tether, which was launched as Realcoin in 2014 before being renamed.
Today, Tether's public face is Paolo Ardoino, a computer scientist from Liguria who serves as CEO. Ardoino has described meeting Devasini while working on Bitfinex's software. Devasini, by contrast, remains a reclusive figure, giving few interviews and making rare public appearances. Forbes has dubbed him a "phantom billionaire," a label that fits a man who has amassed enormous wealth without the celebrity that often accompanies it.
That discretion was broken in February 2025, when Tether acquired a stake in Juventus, one of Italy's most storied football clubs. The initial purchase of over 5% of voting rights was followed by an increase to more than 10% by April, making Tether the club's second-largest shareholder after Exor. By late 2025, the stake had grown to around 11.5%, and Tether secured representation on Juventus's board. The move brought the crypto world into one of Italy's most traditional institutions, a juxtaposition that did not go unnoticed.
Tether's ambitions extend beyond football. The company has been diversifying into sport, entertainment, and other investments, while continuing to dominate the stablecoin market. Its business model is not a bet on Bitcoin's price but rather a toll bridge for the entire crypto ecosystem, a role that has proven immensely profitable.
As Bitcoin's rally continues, Devasini's story serves as a reminder that the crypto economy's biggest winners are not always the traders who bought early. Sometimes they are the infrastructure builders who enable the market to function. For Italy, that means its richest man is a former doctor from Piedmont who now oversees a financial empire worth tens of billions.
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