Tether at $515 billion? CEO says that’s ‘bearish,’ talks IPO

Tether, the world’s largest stablecoin issuer, is making quiet but significant inroads into Latin American retail markets, with Bolivian merchants now pricing goods directly in USDT.

This grassroots adoption underscores the growing role of crypto in everyday commerce. Meanwhile, analysts are eyeing Tether’s booming financials—$13 billion in 2024 profits and a projected $515 billion valuation if it went public.

Despite speculation from industry figures like Anthony Pompliano, Tether CEO Paolo Ardoino dismissed the need for an initial public offering, signaling confidence in the company’s private structure and expanding influence.

He described it as a “quietly revolutionary shift” that shows how Tether (USDT) has been integrated into daily commerce. Ardoino shared images showing Bolivian shops displaying prices directly in USDT.

Massive valuation projections spark public listing debate

Financial analyst Jon Ma recently projected that Tether would rank as the 19th largest company globally with a $515 billion valuation if it went public today. This means that the company could surpass household names like Costco and Coca-Cola.

Ma’s analysis points to Tether’s reported $13 billion in net profits for 2024, with $7 billion derived from Treasury securities and repos. At the same time, an additional $5 billion came from unrealized gains on Bitcoin and gold reserves.

The projection assumes USDT supply growth of $50-60 billion and an average supply of $170 billion in 2025.

Responding to the valuation estimate, Ardoino called the $515 billion figure “beautiful” and also suggested it might be “bearish” considering Tether’s expanding Bitcoin and gold treasury holdings.

Pompliano pushed the speculation further by suggesting a $1 trillion potential valuation.

Tether CEO dismisses immediate IPO necessity

When questioned about potential benefits of going public, Ardoino provided a short response: “No need to go public.” The statement shows confidence in Tether’s current private structure and financial performance.

In contrast to Circle’s choice to go public through a SPAC merger, Tether is reluctant to pursue public listing. The retail USDT integration in Bolivia highlights the general trend of crypto acceptance in Latin America.

The development follows similar patterns in other Latin American markets where USDT has acted as both a store of value and a medium of exchange.

USDT remains the largest stablecoin by market cap. As per CoinMarketCap data, USDT has a market cap of $154.8 billion.