Even by the surreal standards of a cryptocurrency, Tether has a peculiar history. The company was founded in 2014 by cryptocurrency Brock Pierce, who is also a child actor who starred in the Big Duck movie. He and his partner Reeve Collins later handed control of the company to a former plastic surgeon named Giancarlo Devasini, who deposited some of Tether’s assets in a bank in the Bahamas, which was run by “inspectors” Run by one of the creators of the Gadget” cartoon.
Tether is growing rapidly. Last year, it issued around 50 billion stablecoins, more than three times the global supply. “If we have to redeem the last penny, we can do it,” Mr Ardoino said in the interview.
The company has around 50 employees in Europe, Asia and Latin America. Its CEO JL van der Velde is a Dutch businessman, LinkedIn profile Implying he was in Hong Kong; the company declined to confirm his location. He and COO Mr Devasini rarely speak publicly. Tether’s public face is Mr. Ardoino, who describes his colleagues as “ordinary people” surprised by the company’s growth.
“They didn’t initially think it could get this big,” Mr Ardoino said. “They’re not ready to be public figures. There’s nothing wrong with that.”
At times, Tether has insisted that its stablecoin is fully backed by the U.S. dollar. But last year, New York Attorney General Letitia James Call These claims are “lies”.
A few years ago, a cryptocurrency exchange affiliated with Tether lost $850 million in a failed business transaction. To make up for the losses, the exchange Bitfinex took a loan from Tether’s reserves, leaving the stablecoin part unsupported, According to the investigation by Ms. James.
