Tether CEO Paolo Ardoino dismissed discussions about the stablecoin issuer's listing, despite the company's valuation.
This discussion came after Circle, Tether's market competitor and rival, initiated an IPO and was listed on the NYSE.
Paolo Ardoino Dismisses IPO Discussion
According to market analysis, the value of the stablecoin giant is $515 billion. According to John Ma, the builder of Artemis, this is enough to make Tether the 19th most valuable company in the world. In particular, this would be ahead of large corporations like Costco and Coca-Cola.
"If Tether were to be listed today, it would be the 19th largest company in the world at $515 billion. This would be ahead of Costco and Coca-Cola," Ma wrote.
Based on Tether's 2024 net profit of $13 billion and projected 2025 EBITDA of $7.4 billion, John Ma estimated a valuation of $515 billion upon listing.
"The $515 billion valuation for Tether is a beautiful number. Considering the current (and increasing) Bitcoin + gold reserves, it might be slightly conservative, but very humble. I'm also truly excited about our company's next growth stage," Ardoino wrote.
Despite the positive outlook, Ardoino clearly stated that Tether has no intention of going public. In a subsequent post, he simply stated, "No need to go public." This reflects the company's confidence in its current private structure and path.
No need to go public.
— Paolo Ardoino 🤖 (@paoloardoino) June 7, 2025
Circle's Wall Street Debut…Stablecoin Value Draws Attention
This conversation gained attention after Circle, Tether's closest competitor in the stablecoin sector, officially listed with a symbolic IPO.
Circle's 34 million shares, trading under the $CRCL ticker, aim for an $8.1 billion valuation at $31 per share. This is the first instance of a stablecoin issuer being listed on the NYSE.
Ma's model applied Circle's high 69.3x EBITDA multiple to Tether's projected 2025 revenue, assuming continued USDT supply growth and a stable 4.2% federal funds rate.
His post clearly stated that the model excluded unrealized gains from Bitcoin and gold, which account for about $5 billion of Tether's 2024 revenue.
Some commentators, like Anthony Pompliano, set even higher valuations. "Eventually $1 trillion," he predicted. Jack Mallers of Twenty One Capital repeated an even more optimistic view of "over $1 trillion".
However, alongside high interest, there was also skepticism. One user pointed out that going public would subject Tether to more scrutiny and auditing.
In this context, users are skeptical about whether Tether could go public, referencing transparency issues that have plagued Tether for years.
Ardoino's stance reinforces these views. Despite potentially being more valuable than S&P 500 companies, Tether seems content to expand privately without Wall Street's additional regulatory gaze.
Tether's core product, the USDT stablecoin, remains the most traded cryptocurrency asset by volume. Nevertheless, the company has also significantly diversified its assets.
Recent proof reports indicate that Tether holds billions of dollars in US Treasuries, gold, and Bitcoin. This increasingly supports the company's financial strength and credibility.
As the stablecoin sector enters a phase of new institutional oversight and public market exposure, Tether appears committed to growing on its own terms.
Can that strategy put it ahead of public competitors like Circle? Ardoino believes staying private is a strength.
