Emre Yumlu 
Paolo Ardoino, CEO of Tether, one of the leading stablecoin issuers in the crypto space, has dismissed any intention of taking the company public. His remarks came just days after USDC issuer Circle entered the public markets through the New York Stock Exchange (NYSE).
“Going Public Isn’t Necessary for Us”
On June 7, Ardoino stated that Tether has no need to pursue an IPO, emphasizing the company’s self-sustaining growth model. His statement followed Circle’s listing on June 5, where its stock soared by 167% on the first day of trading.
Is a $515 Billion Valuation Too Modest?
Speculation recently emerged about Tether’s hypothetical valuation if it ever went public, with one industry executive suggesting it could reach $515 billion, surpassing major global brands like Coca-Cola and Costco.
While Ardoino described that figure as “a beautiful number,” he added that it might actually underestimate Tether’s worth, given the firm’s growing Bitcoin and gold holdings:
“It’s a nice number, but perhaps a bit conservative. With our expanding Bitcoin and gold treasury, that estimate might be on the low side.”
$1 Trillion Could Be in Sight
Well-known crypto advocates Anthony Pompliano and Jack Mallers believe that Tether could eventually be worth as much as $1 trillion. Ardoino echoed their optimism, expressing his excitement about the company’s next phase of growth.
At the time of writing, Tether’s stablecoin USDT stands as the third-largest crypto asset, with a market cap of approximately $154 billion.
A Rising Power in Bitcoin Holdings
Tether’s momentum isn’t just driven by stablecoins. The company recently acquired majority ownership of Twenty One Capital, a new Bitcoin treasury venture launched by Jack Mallers.
Despite its recent formation, Twenty One Capital has already become the third-largest institutional holder of Bitcoin, trailing only Strategy (formerly MicroStrategy) and MARA Holdings.
In early June, Tether also transferred 37,229 Bitcoin — valued around $3.9 billion — to addresses linked to a newly launched Bitcoin-native financial infrastructure, reinforcing its commitment to deeper Bitcoin integration and decentralization.
A Different Path Forward
By rejecting traditional routes like IPOs and strengthening its position through strategic Bitcoin investments, Tether is carving its own path in the financial world. Ardoino’s confident stance signals that the company’s ambitions go far beyond simply being a stablecoin issuer.
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