Tether Is Valued at Half a Trillion Dollars, But Will Not Go Public
Date: 2025-06-09 Author: Gabriel Deangelo Categories: BUSINESS
After Tether's main competitor Circle successfully completed an initial public offering on the New York Stock Exchange, rumors about Tether's possible entry into the market erupted in the crypto community. However, the company's management has made it clear that an IPO is not in their plans.
Circle recently became the first stablecoin issuer to go public on the NYSE under the ticker $CRCL, offering 34 million shares at a price of $31. The company's market cap was $8.1 billion. This event served as a catalyst for discussions about the next steps of other market participants, including Tether.
According to an analysis by analyst John Ma of Artemis, Tether is projected to have $13 billion in net income in 2024 and a projected EBITDA of $7.4 billion in 2025. Using Circle's multiple of 69.3x, the analyst concluded that Tether's theoretical valuation could reach $515 billion. This level of market value puts the company on par with some of the largest players on the S&P 500 list, including Costco and Coca-Cola.
However, the calculation does not include $5 billion in unrealized gains from investments in Bitcoin and gold, which could mean the real value is even higher. Optimists like Anthony Pompliano and Jack Mallers believe that Tether's market cap could reach $1 trillion.
Despite such encouraging estimates, Tether CTO Paolo Ardoino has made it clear that an IPO is not in the company's plans. According to him, they value the independence and flexibility that private status provides, especially in the context of increasing regulatory pressure on cryptocurrency organizations.
“I’m flattered by the $515 billion valuation. It may even be undervalued given our gold and bitcoin holdings. But we don’t have to go public. We’re on our own path,” Ardoino said.
Tether continues to strengthen its position as a leading stablecoin issuer. With active reserve management, including investments in U.S. Treasuries, precious metals, and cryptocurrencies, the company has demonstrated high resilience in volatile markets. USDT remains the leading digital asset by trading volume.
