New York — Tether, the issuer of the widely-used stablecoin USDT, has no plans to pursue a public offering, according to CEO Paolo Ardoino. His comments come shortly after competitor Circle made waves with its initial public offering on the New York Stock Exchange, where its shares surged significantly on the first day of trading.
On June 7, Ardoino stated that Tether has “no need to go public,” just two days following Circle’s market debut, which saw its stock price increase by 167%. This contrast highlights Tether’s alternative approach to capitalizing on the growth of the stablecoin market.
The discussion around Tether’s potential market valuation was reignited by comments from Artmesis CEO Jon Ma, who suggested that if Tether were to go public, it might be valued at around $515 billion. This figure would position Tether among the world’s largest companies, surpassing industry titans such as Costco and Coca-Cola. Ardoino acknowledged the impressive valuation, calling it a “beautiful number,” but expressed optimism that it could be even higher given the company’s growing reserves in Bitcoin and gold.
Prominent supporters of Bitcoin, including Anthony Pompliano and Jack Mallers, have even speculated that Tether’s valuation could eventually reach $1 trillion. Ardoino, reflecting on the company’s trajectory, shared his enthusiasm for an upcoming era of growth at Tether.
Currently, USDT ranks as the third-largest cryptocurrency by market capitalization, estimated at approximately $154.83 billion, according to sources. This underscores Tether’s significant role in the broader cryptocurrency ecosystem.
In an interesting development earlier this year, Tether announced its acquisition of a majority stake in Twenty One Capital, a Bitcoin-focused treasury company led by Mallers. Despite being a newer entity, Twenty One has quickly established itself as the world’s third-largest corporate holder of Bitcoin, trailing only MicroStrategy and Marathon Digital Holdings.
Additionally, on June 3, Tether transferred more than 37,000 Bitcoin, valued at around $3.9 billion, to wallets associated with its new financial venture. This significant movement of assets further exemplifies Tether’s commitment to maintaining a robust presence in the cryptocurrency market.
Ardoino’s remarks and the recent actions of Tether demonstrate the company’s intention to pursue alternative avenues for growth without entering public markets. As the landscape of digital currencies continues to evolve, Tether’s strategies highlight a distinctive approach in a competitive field.
