If Tether followed in the footsteps of Circle and went public today, its estimated valuation of $515 billion would rank it as the 19th largest company in the world—ahead of giants like Samsung and Nestlé. But despite this astronomical figure, it has no plans to go public.
Jon Ma, a crypto investor and analyst, recently posted a chart on X showing updated global company market caps and added Tether into the mix. “Tether would be the 19th largest company in the world at $515B,” he said, drawing comparisons between it and Circle.
Circle, the stablecoin issuer behind USDC, recently went public with a valuation of around $30 billion and is projected to earn $410 billion in EBITDA by 2025. In contrast, it is expected to generate $13 billion in net profits this year—suggesting that the $515 billion valuation, while ambitious, reflects its growing dominance.
Tether CTO Paolo Ardoino called the $515B estimate a “beautiful number” and even hinted that it might be “bearish” due to the company’s expanding reserves in Bitcoin and gold. When asked why Tether wouldn’t go public, he responded simply: “No need to go public.”
With Gemini also preparing for an IPO, the stablecoin and crypto financial services space is heating up. Yet their choice to stay private shows that dominance doesn’t always require Wall Street approval.
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