Tether Brushes Off IPO Speculation Despite Massive $515B Valuation

09. Jun 2025 Posted by Bailey S. on News

Tether, the leading issuer of USDT stablecoins, is making headlines again—but not because it's going public. Despite reports and projections placing the private company’s valuation as high as $515 billion, CEO Paolo Ardoino has firmly rejected any interest in launching an IPO.

Ardoino Says “No Need to Go Public”

Following the IPO of its closest competitor, Circle, which began trading under the ticker $CRCL on the New York Stock Exchange, speculation surged around whether Tether would follow suit. Circle’s debut involved the sale of 34 million shares at $31 each, giving it an estimated $8.1 billion valuation and marking the first-ever public offering of a stablecoin issuer on the NYSE.

Tether’s projected valuation—derived from 2024 net profits of $13 billion and a forecasted 2025 EBITDA of $7.4 billion—would place it among the top 20 global companies by market cap, ahead of giants like Coca-Cola and Costco.

But Ardoino responded to the hype with calm resistance, noting that while the $515 billion estimate was flattering and “maybe a bit bearish” in light of Tether’s growing reserves in Bitcoin and gold, the company had no plans to change its private status. “No need to go public,” he posted, underscoring his confidence in Tether’s independence and trajectory.

Strong Financials, Stronger Conviction

Tether has consistently reported robust earnings and maintains substantial reserves, including billions in Bitcoin and gold. These assets—despite not being included in some valuation models—further strengthen the firm’s financial backbone.

The stablecoin sector is rapidly evolving, and while rivals like Circle seek public capital to expand, Tether appears content building on its existing momentum outside the public markets. Ardoino’s stance suggests that the company values agility, control, and strategic autonomy over public investor scrutiny—for now.

As market watchers continue to analyze the financial strength of stablecoin issuers, Tether's decision to remain private may prove to be a strategic outlier in a sector increasingly turning to Wall Street for growth.