Following the steps of Circle, if Tether went public today, it could become the 19th largest company worldwide with a valuation of around $515 billion. But despite this jaw-dropping number, Tether has no plans to go public.
In a post on X, Jon Ma shared an image of updated top companies with their market cap with tether and said “ Tether would be the 19th largest company in the world at $515B.” he also compared Tether’s profits and growth to Circle.
Circle, another big stablecoin company, is already public and valued at around $30 billion. Ma expects Circle’s earnings to grow a lot by 2025, Circle could earn about $410 billion from its business operations. This type of earning is called EBITDA — it’s the company’s profit before paying interest, taxes, or accounting for certain costs like equipment wear and tear.
Tether, on the other hand, expects to make $13 billion in net profits this year. If this same applies to the Tether’s profits suggests that massive $515 billion figure. This valuation sounds wild and might not happen, but it shows just how valuable these stablecoin companies have become in the crypto world.
Recently, Circle made headlines when it went public with its IPO launch . Following that trend, Gemini, the crypto exchange founded by the Winklevoss twins, has also announced plans to go public soon.
Paolo Ardoino, CTO of Tether, responded positively to the $515 billion valuation estimate, calling it a “beautiful number.” He even hinted that the figure might be a bit low (“bearish”) given Tether’s growing reserves of Bitcoin and gold. Paolo added that he’s humbled by the recognition and “excited about the company’s next phase of growth.”
When someone asked why Tether doesn’t just go public, since it’s doing so well, Paolo Ardoino replied simply: “No need to go public.”
