Yesterday, Paolo Ardoino, CEO of Tether, intervened directly on X (formerly Twitter) to react to speculation around a potential IPO. Despite a theoretical valuation evaluated at $ 515 billion, he cut short the rumors, saying Tether has no intention of opening his capital to Crypto investors.
In short
- The CEO of Tether denies any intention to stand online despite online speculation.
- A theoretical assessment praised by Ardoino, although he judges her conservative in view of the reserves of the company in gold and bitcoin.
- The recent and successful IPO of Circle revives the comparisons between the two giants of the Stablecoins.
- Society claims its strategic freedom and independence by refusing the regulatory constraints of an IPO.
A valuation deemed “down” in a context of strategic competition
The very successful entry into Circle's very successful stock market, a few days ago, revived the comparisons between the two heavyweights in the sector.
Reacting to an estimate of the CEO of Artemis, Jon Ma, who projected Tether to a valuation of $ 515 billion in the event of IPO, Ardoino praised the figure, While putting it back in perspective ::
The valuation of Tether at $ 515 billion is a remarkable figure. Perhaps a little pessimistic given our current (and increasing) cash in Bitcoin and gold, but I am very honored. I am also very enthusiastic about the next growth phase of our business.
This declaration suggests that the assets in Bitcoin and Gold held by Tether give the company in the Crypto sector a financial power that the market would still underestimate.
The CEO is both satisfied with the implicit recognition of this evaluation, and convinced that the fundamentals of the company would justify higher capitalization.
IPO rejection: continuity of an outside strategy
In addition, Ardoino has dismissed the possibility of an IPO: “No need to go public”.
This sentence sums up the strategic position of TETHER: to favor agility and control, by refusing the constraints that would impose a public rating. Unlike Circle, which chose to embrace stock market regulation, Tether claims its status as a private company to preserve its freedom of maneuver in the ecosystem.
By maintaining this relative opacity, the Stablecoins Tether company is out of mind the transparency obligations which support a stock market IPO: complete audits, periodic financial reports, and potential influence of shareholders. A posture that can seduce supporters of a decentralized model, but which continues to feed questions about the governance and exact composition of the reserves.
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