Tether draws $350–$375B valuation on secondary trades

Tether secondary market valuation is implied at $350–$375B from trades

Recent secondary-market transactions suggest stablecoin issuer Tether is being valued between $350 billion and $375 billion, according to Forbes. These off-market share sales imply, rather than set, enterprise value for the company.

Such pricing reflects what transacting holders accept today, not a formal primary round or IPO valuation. Secondary prints can diverge from primary pricing due to liquidity, information rights, and control terms.

Why this matters: Giancarlo Devasini net worth and Buffett context

If sustained, that range would materially lift modeling of Giancarlo Devasini net worth as Tether’s largest shareholder. Depending on stake assumptions and illiquidity discounts, his paper wealth could rival top public-market fortunes.

Comparisons to figures like Warren Buffett are illustrative, not dispositive, because private stakes are hard to monetize and subject to governance, tax, and legal constraints. Executive ownership disclosures are estimate-based and may change.

Reserve visibility remains the central risk lens for investors evaluating Tether. In its transparency pages, Tether describes its net circulation metrics as “for transparency only” and publishes attestations rather than full audits, underscoring the limits of third-party reserve verification. It has also said it blocked wallets tied to human trafficking and to “terrorism and warfare” in Israel and Ukraine.

Criminal-finance exposure remains under watch. Based on data from TRM Labs, Tether was the most used stablecoin for illicit activity in 2023, and at least $1.4 billion in tokens reportedly passed through a crime-linked wallet across scams and hacks.

Off-market trades can be thin, episodic, and relationship-driven, which constrains their reliability as valuation anchors. As headline figures grow, supervisory attention typically intensifies on collateral quality, disclosure cadence, and governance.

What could change this implied valuation next

Secondary versus primary valuations, illiquidity discounts, and reliability limits

Primary financings and listings often price differently from episodic secondary sales because they bundle governance, liquidity, and information rights. If a formal raise occurs, the clearing price could reset expectations.

According to the Financial Times, Tether previously explored raising $15–$20 billion for about 3% equity, implying a valuation near $500 billion. Investor reception to such levels can calibrate future secondary pricing and deal terms.

Some coverage indicates Tether considered downsizing the raise to roughly $5 billion, and leadership framed the earlier target as a maximum, as reported by ValueTheMarkets. In public commentary covered by Forklog, Paolo Ardoino, Tether’s CEO, said a $515 billion figure was “beautiful but perhaps understated.”

Regulatory scrutiny, crime-linked wallet crackdowns, and reserves disclosures

Stricter global stablecoin benchmarks would likely pressure disclosures on reserves composition, secured lending, and liquidity buffers. Enforcement actions, crime-linked wallet crackdowns, or new attestations could all move sentiment around the implied valuation.

At the time of this writing, broader risk appetite was mixed; Bitcoin traded near $66,179, down roughly 3%, based on data from Yahoo Finance. Macro conditions can influence private-market negotiations and discount rates.

FAQ about Tether secondary market valuation

How reliable are off-market transactions as a proxy for Tether’s true enterprise value?

They are indicative, not definitive. Thin liquidity, information asymmetries, and control terms can make secondary prices deviate from primary or IPO valuations.

At a $350–$375B valuation, how much could Giancarlo Devasini be worth, and does that surpass Warren Buffett?

If the range holds and stake estimates are accurate, his paper wealth could exceed Buffett’s, in theory. Outcomes depend on ownership, illiquidity discounts, taxes, and methodology.