Tether's CEO, Paolo Ardoino, says the issuer of the stablecoin has no intention of going public, just days after its rival Circle debuted on the New York Stock Exchange (NYSE).
"There is no need to go public," Ardoino said on June 7, just two days after Circle, which is behind the USDC stablecoin
, entered the public market on June 5. Circle's shares rose 167% in their first trading session on the NYSE.
$515 billion is a "beautiful number," but not high enough
Ardoino addressed the speculation regarding the valuation raised by the CEO of Artmesis, Jon Ma, who stated that if Tether, which backs the $USDT stablecoin, were to go public, it would rank as the 19th largest company globally with a valuation of $515 billion, greater than multinational giants like Costco and Coca-Cola.
Although Ardoino called the valuation of $515 billion a "beautiful number," he stated that it could actually be too low. "Maybe a bit bearish considering our current (and growing) Bitcoin + gold treasury, although I am very grateful," Ardoino said.
Prominent Bitcoin advocates, Anthony Pompliano and Jack Mallers, both suggested that the company could someday reach a valuation of $1 trillion.
Ardoino added that he is "really excited about the next phase of growth for our company."
$USDT from Tether ranks as the third largest cryptocurrency by market capitalization, valued at $154.83 billion at the time of publication, according to data from CoinMarketCap.
Meanwhile, on April 24, it was announced that Tether would become the majority owner of Twenty One Capital, a new Bitcoin treasury company founded by Jack Mallers of Strike.
Despite its recent launch, Twenty One has already become the third largest corporate holder of Bitcoin globally, only behind Strategy (formerly MicroStrategy) and the mining firm MARA Holdings.
On June 3, Cointelegraph reported that Tether
moved a total of 37,229.69 Bitcoin, valued at approximately $3.9 billion, to addresses linked to the new native Bitcoin financial platform.