No need to go public.
— Paolo Ardoino 🤖 (@paoloardoino) June 7, 2025
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Tether's CEO Dismisses IPO Talks On X
19h05 ▪
3
min read ▪ by
Getting informed
▪
Stablecoin
Yesterday, Paolo Ardoino, CEO of Tether, spoke directly on X (formerly Twitter) to respond to speculations about a potential initial public offering. Despite a theoretical valuation estimated at $515 billion, he dismissed the rumors, stating that Tether has no intention whatsoever of opening its capital to crypto investors.
In Brief
- The CEO of Tether denies any intention to go public despite the online speculations.
- A theoretical valuation praised by Ardoino, although he considers it conservative given the company’s reserves in gold and Bitcoin.
- The recent and successful IPO of Circle revives comparisons between the two stablecoin giants.
- The company claims its strategic freedom and independence by refusing the regulatory constraints of an IPO.
A Valuation Considered “Bearish” in a Context of Strategic Competition
Circle’s very successful stock market debut a few days ago has rekindled comparisons between the two heavyweights in the sector.
Responding to an estimate from Artemis CEO Jon Ma, who projected Tether at a valuation of $515 billion in the event of an IPO, Ardoino praised the figure, while putting it into perspective :
Tether’s valuation at $515 billion is a remarkable figure. Perhaps a bit pessimistic given our current (and growing) cash reserves in Bitcoin and gold, but I am very honored. I am also very enthusiastic about the next phase of our company’s growth.
This statement suggests that the bitcoin and gold assets held by Tether provide the crypto-sector company with financial strength that the market would still underestimate.
The CEO is both satisfied with the implicit recognition of this valuation and convinced that the company’s fundamentals would justify a higher capitalization.
Rejection of the IPO : Continuation of an Off-Market Strategy
Furthermore, Ardoino unequivocally ruled out the possibility of an IPO : “No need to go public”.
This sentence summarizes Tether’s strategic position : favoring agility and control by refusing the constraints imposed by a public listing. Unlike Circle, which chose to embrace stock market regulation, Tether claims its status as a private company to preserve its freedom of maneuver within the ecosystem.
By maintaining this relative opacity, the stablecoin company Tether avoids the transparency obligations that come with a public offering: full audits, periodic financial reports, and potential shareholder influence. This stance may appeal to proponents of a decentralized model but continues to fuel questions about governance and the exact composition of reserves.
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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.