Tether CEO Dismisses IPO Rumors Amid Circle's Soaring NYSE Debut

Tether CEO Dismisses IPO Rumors Amid Circle's Soaring NYSE Debut

Tether CEO Paolo Ardoino has publicly denied any plans for an initial public offering (IPO), amid speculation fueled by Circle’s successful NYSE listing. Posting on social platform X, Ardoino reaffirmed that Tether remains a private company, responding to community discussions around the firm’s valuation and market trajectory.

Circle's Listing Sparks Comparisons

Circle, the issuer of USDC stablecoin, made headlines with its NYSE debut, as its stock surged 167% on the first day, opening at $31 and closing at $82 after peaking at a 235% intra-day gain. The move spotlighted renewed investor interest in stablecoin infrastructure and business models.

In response, analysts and crypto figures turned their attention to Tether (USDT) — the largest stablecoin by market cap — with speculations over its potential valuation should it go public.

“We’d Be the 19th Largest Company in the World”

Jon Ma, CEO of Artemis, claimed that Tether’s theoretical valuation could reach $515 billion, placing it ahead of companies like Costco and Coca-Cola and making it the 19th largest firm globally.

Ardoino acknowledged the estimate but noted it might actually undervalue Tether, citing the company’s Bitcoin and gold reserves as significant components of its balance sheet. He added, “$515B sounds nice, but considering our reserves, it's likely a conservative number.”

Industry Leaders Back Tether’s Growth Potential

Notable Bitcoin advocates Anthony Pompliano and Jack Mallers echoed support for Tether’s long-term prospects, with some suggesting the company could eventually reach a $1 trillion valuation if current growth continues.

As of writing, Tether's market cap stands at approximately $154.83 billion, ranking it the third-largest asset in the crypto market behind Bitcoin and Ethereum.

Strategic Investments and Ecosystem Expansion

Tether has also deepened its exposure in the Bitcoin ecosystem. In April 2025, the company became the largest shareholder of Twenty One Capital, a Bitcoin-native financial firm founded by Jack Mallers.

Twenty One Capital recently moved over 37,229 BTC (~$3.9B) onto its platform and is building Bitcoin-native capital market infrastructure, including lending, custody, and asset issuance solutions. The company is preparing for a public listing via SPAC at a $3.6 billion valuation.

While Tether has no immediate intention to go public, its influence in the digital asset economy is growing. Through strategic investments and reserve accumulation, Tether is cementing its role as a key player in the evolving Bitcoin financial system — with or without a stock ticker.