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The public listing of Circle, the issuer of the USD Coin (USDC), has sparked discussions about whether its competitor, Tether, might consider a similar move. However, Tether’s leadership has clarified its position on the matter, stating there are no plans for an Initial Public Offering (IPO).

Tether’s Stance on Going Public

Paolo Ardoino, CEO of Tether, the company behind the world’s largest stablecoin, USDT, recently addressed these speculations. In a conversation on X (formerly Twitter), Ardoino responded to questions regarding a potential IPO, firmly stating, “No need to go public.”

Ardoino also commented on a community member’s analysis of what a Tether IPO might look like. The evaluation estimated a staggering $515 billion valuation for Tether, based on its reported profits. This figure places Tether among the top 20 most valuable companies globally, surpassing major corporations such as Coca-Cola and Costco.

“Beautiful evaluation,” Ardoino remarked, adding that it might even underestimate Tether’s actual value due to its growing Bitcoin and gold holdings.

Focus on Growth Over Public Listing

While Tether has been praised for its profitability and market dominance, Ardoino emphasized that the company’s primary focus remains on growth rather than pursuing an IPO. This approach differentiates it from Circle, which recently went public, raising its profile within the financial markets.

Circle’s IPO and Market Reception

Circle’s IPO, which launched on the New York Stock Exchange (NYSE), has been met with strong investor interest. Initially priced at $31 per share, the stock opened at $69 on June 5, 2025, quickly surging to an intraday high of $103.75 before closing at $83.23. This performance highlights the growing appetite for crypto-related equities among traditional investors.

Industry leaders have celebrated Circle’s public debut as a significant milestone for stablecoins and the broader cryptocurrency sector. According to a statement by Roshan Robert, U.S. CEO of the OKX exchange, Circle’s IPO underscores that “crypto firms can operate transparently and compliantly in U.S. markets.”

Key Takeaways

The contrasting strategies of Tether and Circle reflect two distinct approaches to growth in the cryptocurrency space. While Circle leverages the public markets to expand its reach and credibility, Tether remains committed to private operations, focusing on increasing its reserves of assets like Bitcoin and gold.

  • Tether: No plans for an IPO, prioritizing growth and asset accumulation.
  • Circle: Successful IPO highlights the potential for crypto firms in traditional financial markets.
  • Industry Impact: Circle’s listing is seen as a step forward for transparency and compliance in the crypto sector.

As the cryptocurrency market continues to evolve, companies like Tether and Circle are shaping the industry’s future with their differing strategies. Whether through private growth or public offerings, both firms are contributing to the mainstream adoption of stablecoins and blockchain technology.

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