The recent public listing of USDC issuer Circle has sparked speculation about whether Tether, the issuer of the popular stablecoin USDT, might follow suit with its own initial public offering (IPO). However, Tether CEO Paolo Ardoino has clarified that the company has no intentions of going public.
In a recent conversation on X, Ardoino addressed questions about the possibility of a Tether IPO, stating that there is “no need to go public.” This statement came in response to a community member’s assessment of what a potential Tether IPO could look like, with a projected valuation of $515 billion based on the company’s reported profits.
Breaking down the numbers, Tether reported a profit of $13 billion in 2024, with projected 2025 earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $7.4 billion. These figures place Tether among the top 20 most valuable companies globally, surpassing well-known brands like Coca-Cola and Costco.
Ardoino expressed gratitude for the valuation assessment, calling it a “beautiful number” and suggesting that it may actually undervalue Tether’s true worth due to its increasing holdings of Bitcoin and gold. He emphasized that the company’s focus remains on growth and expansion, reiterating that there are no plans for an IPO.
Meanwhile, Circle, the USDC issuer, has experienced a successful IPO on the New York Stock Exchange (NYSE). The stock, priced at $31 per share, opened at $69 on June 5, 2025, reaching an intraday high of $103.75 before closing at $83.23. Industry experts have hailed Circle’s IPO as a significant milestone for stablecoins and the broader cryptocurrency market, highlighting the company’s ability to operate transparently and compliantly in U.S. markets.
In conclusion, while Circle’s IPO has garnered attention and positive outcomes, Tether remains steadfast in its decision not to pursue a public listing. The company’s focus on growth and its substantial valuation position it as a key player in the cryptocurrency industry, with its stablecoin USDT continuing to play a prominent role in the digital asset ecosystem.