Tether CEO Paolo Ardoino says he’s not interested in taking the stablecoin issuer public on the stock market, regardless of valuation.
In a post on the social media platform X, Ardoino responds to Artemis CEO Jon Ma, who estimates that Tether as a company is valued at around $515 billion.
-->According to Ma, Tether would be the 19th-largest company in the world if it went public today, making it bigger than Costco and Coca-Cola.
Says Ardoino,
“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.”
But the CEO says that Tether has “no need to go public” – even in the wake of the overwhelming success of the initial public offering (IPO) of Circle, the second-largest stablecoin issuer.
Last week, the firm behind USDC launched as a publicly-traded company, debuting on the New York Stock Exchange with an opening price of $69 per share, up by 122 from the IPO price of $31.00 per share. CRCL continued to rally to above $123, nearly a 300 gain from the IPO price in just two trading days.
