Four people control 86% of Tether Holdings, according to documents reviewed by The Wall Street Journal. Giancarlo Devasini is the company's controlling shareholder with 43% shareholding, who also founded the crypto exchange, Bitfinex. The chief-executive of both Tether and Bitfinex is Jean-Louis van der Velde and the two companys' general counsel is Stuart Hoegner. Each own 15% of Tether. Christopher Harborne, a businessman of British and Thailand, owns about 13%. These documents dated 2018 according to WSJ.
Tether is the issuer of the largest stablecoin, $USDT, its business model is similar to a traditional financial institution and requires confidence among customers, but it has been criticized for its lack of transparency and previous misrepresentations.
Tether discloses a quarterly accountant report for its reserve asset. The backing asset of $USDT has been improved in the past several quarters with 82% of $USDT being backed by Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper.
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