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Stuart Hoegner

Stuart Hoegner is a Canadian lawyer and accountant who served as general counsel of the crypto exchange Bitfinex from 2014 until January 2025, and also as general counsel of the stablecoin issuer TetherTether USDt (USD₮)Tether USDt (USD₮, commonly written as USDT) is a U.S. dollar-pegged stablecoin issued since 2014, formerly named Realcoin and co-founded by Brock Pierce, Reeve Collins, and Craig Sellars. The tokens are minted and redeemed by the issuing company on multiple blockchains, and the peg relies on reserves, the issuance and redemption mechanism, and market arbitrage; it is not a decentralized algorithmic stablecoin.Open the full entry.

Contents9 sections
Key facts

Education

Stuart Hoegner earned a Bachelor of Public Administration in economics and public administration from Carleton University in 1993 and a law degree from the University of Toronto in 1996.⁠[1]

Early Career: Tax, Gaming and Digital Currency Law

Hoegner is a Canadian lawyer and accountant. He spent eight years in the Mergers & Acquisitions Tax Group at Ernst & Young, was a principal and barrister and solicitor at DXH Professional Corporation, and served as deputy general counsel and director of compliance at the poker software company Excapsa Software. Before Bitfinex his practice focused on online gambling and cryptocurrency.⁠[1][2]

General Counsel of Bitfinex

In 2014 Hoegner joined Bitfinex as general counsel and later also served as general counsel of Tether.⁠[1][2]

About 15% of Tether

In 2018 Hoegner owned about 15% of Tether and was one of four people who then controlled the company.⁠[2][3]

Affidavit in the New York Attorney General Case

In April 2019 the New York Attorney General alleged that Bitfinex had borrowed more than $600 million from Tether after losing as much as $850 million with a currency converter, and obtained an ex parte order. Hoegner filed an affidavit with the New York Supreme Court in support of a request to vacate or modify the order, stating: “Tether has cash and cash equivalents (short term securities) on hand totaling approximately $2.1 billion,” about 74% of USDT in circulation.⁠[4]

Retirement

On January 2, 2025, Tether and Bitfinex announced Hoegner’s retirement, leaving Michael Hilliard, who had co-led the two companies’ legal work with him for several years, in charge of legal affairs. Tether chief executive Paolo ArdoinoPaolo ArdoinoPaolo Ardoino is an Italian software engineer and executive who has been chief executive of Tether, the issuer of the USDT stablecoin, since December 2023, while remaining chief technology officer of the cryptocurrency exchange Bitfinex. He joined Bitfinex in 2014, became Tether’s chief technology officer in 2017 and has been chief strategy officer of the peer-to-peer app developer Holepunch since 2022.Open the full entry said: “Stu’s contributions to both Tether and Bitfinex have been immeasurable.”⁠[5]

Professional Qualifications and Activities

Hoegner is called to the bar in Canada and the United States and is a member of the Law Society of Upper Canada, the State Bar of Nevada, the Chartered Professional Accountants of Ontario, the Canadian Bar Association and the International Masters of Gaming Law.⁠[1]

He has testified as a cryptocurrency expert before international securities commissions and regulators, Canada’s Department of Finance, the Canadian Intellectual Property Office and a Senate standing committee, and he edited the book “The Law of Bitcoin.”⁠[1]

Related Organizations, Websites, and Public Accounts

Sources

  1. Bitfinex Leadership – Stuart Hoegner, General Counsel (opens in a new window)
  2. The unusual crew behind Tether, crypto’s pre-eminent stablecoin (opens in a new window)
  3. Only 4 people controlled Tether Holdings as of 2018: Report (opens in a new window)
  4. Tether Lawyer Admits Stablecoin Now 74% Backed by Cash and Equivalents (opens in a new window)
  5. Tether and Bitfinex General Counsel Stuart Hoegner retires, Michael Hilliard takes charge (opens in a new window)