In a recent announcement, Paolo Ardoino, the CEO of Tether, the company behind the stablecoin USDT, stated that there are no plans for an Initial Public Offering (IPO). This news comes just as Circle, Tether’s rival, made its appearance on the New York Stock Exchange (NYSE).
Ardoino made it clear on June 7th that Tether has “no need to go public.” He also addressed speculation around the company’s valuation, which was raised by Jon Ma, CEO of Artmesis. Ma suggested that if Tether were to go public, it would rank as the 19th largest company globally with a valuation of $515 billion, surpassing multinational heavyweights such as Costco and Coca-Cola.
Although Ardoino acknowledged that $515 billion is a “beautiful number,” he believes it might actually be an underestimate. He said, “Maybe a bit bearish considering our current (and increasing) Bitcoin + gold treasury, yet I’m very humbled.”
Well-known Bitcoin supporters Anthony Pompliano and Jack Mallers have both proposed that Tether could potentially reach a $1 trillion valuation one day. Ardoino expressed that he is “truly excited for the next phase of growth of our company.”
Currently, Tether’s USDT is the third-largest cryptocurrency by market capitalization, valued at $154.83 billion as per CoinMarketCap. Meanwhile, Circle, the company behind the stablecoin USDC, made a remarkable entry into the public market on June 5, with its shares soaring 167% on its first trading session on the NYSE.
On another note, it was announced on April 24 that Tether would become the majority owner of Twenty One Capital, a new Bitcoin treasury company founded by Strike’s Jack Mallers. Despite its recent launch, Twenty One has already risen to the rank of the world’s third-largest corporate holder of Bitcoin, trailing only Strategy (formerly MicroStrategy) and mining firm MARA Holdings.
As reported by Cointelegraph on June 3, Tether transferred a combined 37,229.69 Bitcoin, equivalent to about $3.9 billion, to addresses linked to the new Bitcoin-native financial platform.
