In 2025, Paolo Ardoino, CEO of the issuer of the world’s largest stablecoin, transcended his role as just another cryptocurrency executive to emerge as a leading figure in the global evolution of financial infrastructure. Tether, the company behind the $185 billion market cap USDT, is increasingly merging blockchain innovation with traditional banking authority.
This feature is a part of CoinDesk’s Most Influential 2025 list.
Historically, Tether faced considerable scrutiny due to the somewhat unclear nature of the reserves backing USDT. In today’s environment of improved regulation and increasing competition among stablecoin issuers, Tether now stands at the forefront of one of the most rapidly growing sectors in cryptocurrency, led by Ardoino.
Tether utilizes the first U.S. stablecoin law to reinvent its operations
The expansion of the stablecoin sector has been one of the hallmark success stories in the crypto landscape in 2025, bolstered by the launch of formal regulatory frameworks in significant jurisdictions worldwide. This was especially evident in the U.S., where the GENIUS Act, the first major crypto bill to become law in the nation, was passed in July after intense examination by various Wall Street banks and traditional financial institutions.
Following closely on the heels of GENIUS, Tether introduced the dollar stablecoin USAT, specifically crafted to comply with the U.S. stablecoin issuance standards. This represents the first instance of Tether launching a product aligned with U.S. regulatory guidelines, highlighting both the company’s and the industry’s evolution amidst historical criticism faced by Tether regarding its flagship USDT.
Ardoino shared with CoinDesk that Tether introduced USAT to “create a more professional and digital approach to money that can effectively compete with PayPal.” To achieve this, Tether partnered with TradFi powerhouse Cantor Fitzgerald—whose former CEO and Chairman Howard Lutnick now serves as the U.S. Secretary of Commerce—as a reserve custodian, alongside federally-chartered crypto bank Anchorage Digital as USAT’s issuer. Ardoino also appointed former White House crypto adviser Bo Hines to oversee its USAT division, indicating Tether’s commitment to engaging policymakers on their terms.
By taking advantage of the regulatory acceptance of stablecoins within the globe’s largest capital market, Tether has positioned itself as a compliant financial service provider alongside respected partners.
The establishment of clearer regulations regarding stablecoin issuance, their classification as financial instruments, and the rules governing how they are backed has contributed to a surge in the market cap of this sector, reaching $300 billion in October, a year-to-date increase of over 45%. As of the end of November, USDT maintained a dominant 60% of the sector.
Tether’s balance sheet becomes a tool for growth
However, Tether’s influence in the crypto industry extends beyond stablecoins. Under Ardoino’s leadership, the company is evolving from merely a token issuer to a provider of financial infrastructure, leveraging its substantial balance sheet.
As of Q3, Tether’s profits for 2025 surpassed $10 billion, achieving an almost-unbelievable 99% profit margin, according to Ardoino. This remarkable balance sheet strength offers Tether the necessary capital to transition into an investment or development bank in all but name. Ardoino noted in July that its investment portfolio had grown to over 120 companies, made possible through its profits.
The company has sought an investment fund license in crypto-friendly El Salvador, where it is headquartered and has previously invested in Bitcoin mining operations. In 2025, Tether enhanced its mining interests, acquiring a 70% stake in Brazilian agribusiness Adecoagro to pursue BTC mining with surplus renewable energy. Ardoino indicated in May that he aimed for Tether to be the largest bitcoin miner by the end of 2025, having invested $2 billion in energy production and mining initiatives.
Tether’s mining ventures have expanded beyond “digital gold” to encompass physical gold, with reports indicating the company has explored investments in the gold supply chain, encompassing refining and trading. In June, Tether acquired a minority stake in precious-metals investment company Elemental Altus and holds $12.9 billion in gold. Ardoino referred to the yellow metal as “bitcoin in nature” during an appearance at Bitcoin 2025 in May.
Ardoino expands Tether’s influence to Italian soccer powerhouse
An entirely different yet equally intriguing venture for Tether involves soccer club Juventus. Located in Turin, Northern Italy—Ardoino’s hometown—Juventus is one of the most renowned and storied clubs in both Italian and European soccer.
Tether acquired 8.2% of Juventus in February, increasing its stake to over 10% in April to become the club’s second-largest shareholder. Unlike other crypto firms that have simply paid sports teams and leagues for promotional branding in 2021-22, Tether has pursued an active role in the club’s management, requesting to be involved in the club’s capital increase and seeking a board seat.
The prospect of Tether exerting considerable influence over the governance of one of the world’s most renowned soccer clubs highlights the potential for Tether and Ardoino to develop a global presence that extends far beyond the cryptocurrency realm.
