Hold onto your hats, crypto fans, because a recent analysis is making waves bigger than the ocean! 🌊 According to Artemis CEO Jon Ma, if stablecoin giant Tether (you know, the folks behind USDT 🤑) decided to go public, it could hit a mind-blowing $515 BILLION valuation! That's right, folks, we're talking bigger than Coca-Cola 🥤 and Costco 🛒 combined! Can you imagine? Your stablecoins helping to make Tether a top-20 global company! 🚀

So, how did Jon Ma pull this colossal number out of his hat? Well, it's all about playing catch-up with Circle (USDC's issuer), who recently went public with a cool $30 billion market cap. Ma's crystal ball 🔮 predicts Circle will rake in $410 billion in EBITDA for 2025 – giving them a whopping 69.3x EBITDA multiple!

Now, for Tether's part, they reported a sweet $13 billion in net profits for 2024. Most of that came from their stash of Treasuries and repos, but a cool $5 billion was from unrealized gains on Bitcoin and gold – a detail that even Tether CEO Paolo Ardoino felt was a bit "bearish" on the valuation. He even said it was "a bit bearish considering our current (and increasing) Bitcoin + Gold treasury.” But hey, he also called $515 billion a "beautiful number" and was "humbled" by it. 🙏 Even Bitcoin heavyweights Jack Mallers and Anthony Pompliano chimed in, saying it should be at least a trillion! 💰💰💰

Here's the secret sauce 🧪 to that $515 billion figure: Ma assumes Tether will boost its USDT supply by $50-$60 billion in 2025, reaching an average of $170 billion. Toss in an average Federal Funds Rate of 4.2%, and you're looking at a projected 2025 EBITDA of roughly $7.4 billion. Apply Circle's sky-high 69.3x EBITDA multiple to that, and BAM! 💥 $515 billion!

Now, Jon Ma does throw in a little disclaimer: using Circle's multiple is a "strong assumption" and might not be sustainable. So, yeah, it's a bit speculative, but hey, that's crypto for ya! 😉

Tether, under the watchful eye of Paolo Ardoino (who's also CTO of Bitfinex, by the way!), has become the undisputed king of stablecoins 👑, and a major player in the crypto world. Its profits mostly come from the interest on its massive reserves – U.S. Treasuries, repos, and those ever-growing Bitcoin and gold holdings. 🤑

And Tether isn't just about USDT anymore! They've got stablecoins pegged to everything from the Euro (EURT) to gold (XAUt), the Mexican Peso (MXNT), and even the offshore Chinese Yuan (CNHT). Talk about diversifying your portfolio! 🌍

So, while that $515 billion valuation is still a theoretical exercise, it definitely shows just how HUGE Tether has become. Will it be the next crypto IPO sensation? Only time will tell! But one thing's for sure: the crypto world is never dull! 🎉🥳

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