Tether’s $500 Billion Valuation Sparks IPO Rumor

Tether CEO Paolo Ardoino has dismissed talks about the stablecoin issuer going public. His stance comes despite the company’s valuation.

These discussions come after Circle, Tether’s market peer and rival, launched its IPO (Initial Public Offering) and went live on the NYSE.

Paolo Ardoino Quashes IPO Talks

Market analysis values the stablecoin giant at $515 billion. According to Jon Ma, a builder on Artemis, this is enough to make Tether the 19th most valuable company globally. Specifically, it would place Tether ahead of heavyweights like Costco and Coca-Cola.

“If Tether went public TODAY, Tether would be the 19th largest company in the world at $515 billion. That’s ahead of Costco and Coca Cola,” wrote Ma.

Top Companies by Market Cap. Source: Jon Ma on X

Jon Ma extrapolated that based on Tether’s $13 billion in 2024 net profits and projected EBITDA of $7.4 billion for 2025, the firm could command a $515 billion valuation if public.

“Tether valuation at $515 billion is a beautiful number. Maybe a bit bearish considering our current (and increasing) Bitcoin + Gold treasury, yet I’m very humbled. Also truly excited for the next phase of growth of our company,” Ardoino wrote.

Despite the bullish projection, Ardoino clarified that Tether has no intention of going public. In a follow-up post, he succinctly stated, “No need to go public.” This signals confidence in the company’s current private structure and trajectory.

No need to go public.

— Paolo Ardoino (@paoloardoino) June 7, 2025

Circle’s Wall Street Debut Puts Spotlight on Stablecoin Valuations

The conversation gained traction after Circle, Tether’s closest rival in the stablecoin sector, officially went public in a landmark IPO.

Trading under the ticker $CRCL, Circle’s offering of 34 million shares at $31 each targets a $8.1 billion valuation. This marks the first time a stablecoin issuer has listed on the NYSE (New York Stock Exchange).

Ma’s model applied Circle’s lofty 69.3x EBITDA multiple to Tether’s projected 2025 earnings, which assumes a continued increase in USDT supply and a stable Fed Funds Rate around 4.2%.

His post clarified that the model excluded unrealized gains from Bitcoin and gold, which account for roughly $5 billion of Tether’s 2024 profits.

Some commentators, like Anthony Pompliano, pushed the valuation envelope even further. “$1 trillion eventually,” he predicted. Jack Mallers of Twenty One Capital echoed the sentiment with an even more optimistic “over $1 trillion” estimate.

However, alongside the hype, skepticism loomed. One user pointed out that going public would open Tether to more scrutiny and audits.

Against this backdrop, users remain skeptical that Tether could go public, referencing ongoing transparency concerns that have dogged Tether for years.

Ardoino’s stance reinforces this view. Despite potentially being worth more than many SP 500 giants, Tether seems content to keep scaling privately without the added regulatory glare of Wall Street.

Tether’s core product, the USDT stablecoin, remains the most traded crypto asset by volume. Notwithstanding, the company has also significantly diversified its balance sheet.

Stablecoin Issuers by Market Capitalization. Source: DefiLlama

Recent attestation reports show that Tether holds billions in US treasuries, gold, and Bitcoin, assets that increasingly underpin its financial strength and credibility.

As the stablecoin space enters a new phase of institutional scrutiny and public-market exposure, Tether appears committed to growing on its terms.

Will that strategy keep it ahead of public rivals like Circle? Ardoino is betting that staying private is a strength, not a setback.