In a recent statement to the press, Paolo Ardoino confirmed that Tether has no plans to become a publicly listed company, unlike its competitor Circle. While Circle recently made a high-profile debut on the New York Stock Exchange, Tether reaffirms its commitment to staying outside traditional financial markets. This position, backed by its CEO, emphasizes the financial strength and strategic independence of the leading stablecoin issuer.

Just two days after Circle’s IPO, Tether made it clear that it would not follow the same path. On June 7, Paolo Ardoino declared on X: “No need to go public,” clearly dismissing the idea of an IPO. This announcement came after Circle, issuer of the USDC, saw its shares soar by 167% on its first day of trading, June 5.

Tether, in contrast, maintains its independence by relying on internal resources and organic growth. The company continues to dominate the stablecoin market, with USDT valued at $154.83 billion according to CoinMarketCap at the time of the statement.

A $515 Billion Valuation Deemed “Slightly Low”

Commenting on a speculative valuation of $515 billion, Ardoino downplayed the figure: “It’s a beautiful number, but maybe a bit pessimistic given our growing cash reserves in bitcoin and gold,” he said, while adding that he was “deeply honored” by the estimate. Such a valuation would rank Tether 19th among the world’s largest companies, ahead of giants like Coca-Cola and Costco, according to Jon Ma, CEO of Artmesis.

This bold positioning partly stems from Tether’s diversification strategy, particularly its growing holdings in tangible assets like bitcoin. On June 3, Cointelegraph reported a transfer of over 37,000 BTC — around $3.9 billion — to wallets linked to a new Bitcoin-native financial platform.

The momentum continued on April 24, when Tether became the majority shareholder of Twenty One Capital, a firm founded by Jack Mallers. Already the third-largest institutional holder of bitcoin, behind Strategy (formerly MicroStrategy) and MARA Holdings, this acquisition strengthens Tether’s presence in the space. According to Ardoino, this asset accumulation is part of preparing for “the next phase of growth.”

By distancing itself from Circle’s path, Tether is charting its own course — one based on solid reserves and a pivot toward decentralized assets. Rejecting an IPO is not a sign of lacking ambition; on the contrary, it reflects a firm commitment to autonomy and financial sovereignty, challenging the norms of traditional market capitalism.