Tether’s CEO Paolo Ardoino recently made waves in the cryptocurrency community by rejecting the idea of taking the company public, just days after rival Circle debuted on the New York Stock Exchange.
While Circle’s IPO was met with significant success, with its shares surging by 167% on the first day, Ardoino confidently stated that Tether had no intention of pursuing an IPO at this stage. Instead, the stablecoin giant is focusing on its growing treasury of Bitcoin and gold, which Ardoino believes could support an even more significant valuation than what analysts are projecting.
One of the more provocative statements came when Ardoino addressed a $515 billion valuation suggested by Jon Ma, CEO of Artmesis, who speculated that if Tether were to go public, it would rank as the 19th largest company in the world, surpassing giants like Costco and Coca-Cola. While Ardoino referred to this figure as a "beautiful number," he quickly dismissed it as being "a bit bearish," suggesting that Tether’s true value could be even higher, particularly considering the company’s substantial reserves in Bitcoin and gold.
“Tether’s valuation is not fully reflected in traditional financial metrics,” Ardoino said. “Our growing reserves in Bitcoin and gold are a significant part of our financial foundation and will only increase over time.”
For many in the industry, Ardoino’s comments were a signal of confidence in the long-term stability and growth potential of Tether (USDT), the third-largest cryptocurrency by market capitalization. With a $154.83 billion valuation as of June 2025, USDT continues to be the dominant player in the stablecoin market. Tether's decision not to go public underscores its strong position in the market, fueled by its growing reserves of both Bitcoin and gold.
Tether’s Bitcoin and Gold Reserves
Tether’s decision to amass a significant Bitcoin treasury has been a cornerstone of its strategy to back its USDT stablecoin with tangible assets. This move comes as part of a broader trend in the cryptocurrency world, where companies are increasingly looking at Bitcoin as a store of value and a hedge against inflation.
Ardoino's assertion that the company's Bitcoin reserves are growing aligns with recent reports that show Tether has moved large amounts of Bitcoin into newly established Bitcoin-native platforms.
In fact, just in early June, Cointelegraph reported that Tether transferred a combined total of 37,229.69 Bitcoin, worth roughly $3.9 billion, to addresses linked to its Bitcoin-native financial platform, signaling its continued expansion and increasing Bitcoin holdings. This move underscores Tether’s commitment to further integrating Bitcoin into its ecosystem, making it more resilient to the volatility of fiat currencies.
Furthermore, Tether’s gold reserves are also a key component of its financial strategy. Tether Gold (XAUt) is a stablecoin backed by physical gold, offering users the stability of a gold-backed asset with the liquidity and ease of a cryptocurrency. The combination of Bitcoin and gold reserves is designed to provide a safety net against market fluctuations and enhance Tether’s financial stability, positioning it well for future growth.
The Implications of Tether’s Non-IPO Strategy
Tether’s decision to forgo an IPO and continue operating as a privately-held company could signal a more long-term vision for the firm. Unlike Circle, which successfully made its public market debut, Tether appears content to remain a private entity while leveraging its cryptocurrency and asset-backed strategy to grow its reserves and market share.
The fact that Tether is actively increasing its Bitcoin and gold reserves suggests that it is building a more diversified and stable portfolio of assets. This strategy could ultimately help Tether achieve a higher valuation over time, without the need to go public. By staying private, Tether retains greater control over its operations and financial strategies, which may allow it to more effectively navigate the volatile cryptocurrency market.
Moreover, Tether's lack of a public offering may provide it with more flexibility in managing its regulatory challenges. Public companies are subject to stricter oversight and transparency requirements, which could hinder Tether's ability to operate quickly and nimbly in the crypto space.
By avoiding an IPO, Tether can continue to grow its Bitcoin and gold-backed reserves and explore new financial products and services, such as its Bitcoin-backed financial platform, without the pressure of meeting quarterly earnings expectations or answering to public shareholders.
Tether’s $1 Trillion Valuation Potential: What Does the Future Hold?
Despite his initial dismissal of the $515 billion valuation, Ardoino has openly expressed optimism about Tether’s future growth. According to Anthony Pompliano and Jack Mallers, two prominent Bitcoin advocates, Tether could one day reach a $1 trillion valuation, especially as Bitcoin continues to gain adoption globally.
With Tether’s expanding reserve portfolio and its strategic moves into Bitcoin and gold-backed products, this possibility doesn’t seem out of the question. As institutional adoption of Bitcoin continues to rise, Tether’s position as a major player in the stablecoin market only strengthens.
The integration of Bitcoin into its reserves, combined with the company’s ability to manage its liquidity and regulatory requirements effectively, makes it a powerful force in the cryptocurrency space.
The growing demand for Bitcoin-backed products, such as Tether Gold, and the increasing recognition of Bitcoin as a global store of value further solidify Tether’s long-term potential. Tether’s ability to stay ahead of regulatory pressures, expand its Bitcoin reserves, and offer innovative financial products could propel the company to new heights, possibly making its valuation reach the $1 trillion mark in the coming years.
Tether’s Strategic Partnerships and Investments
In addition to expanding its own reserves, Tether has been actively investing in other blockchain projects and ventures. A key example of this is Tether’s majority stake in Twenty One Capital, a Bitcoin treasury company co-founded by Strike’s Jack Mallers.
Twenty One Capital has quickly become the third-largest corporate holder of Bitcoin, behind only Strategy (formerly MicroStrategy) and MARA Holdings. This investment solidifies Tether’s commitment to Bitcoin and signals its continued expansion into Bitcoin-related financial products.
Tether’s increasing influence in the Bitcoin space through these investments shows its strategic focus on growing its Bitcoin-backed services and maintaining its dominant position in the stablecoin market. With Twenty One Capital now holding significant Bitcoin assets, Tether is in an excellent position to leverage its holdings for future growth, while also supporting the Bitcoin ecosystem through its various ventures.
Regulatory Challenges and Tether’s Future Outlook
Despite Tether’s strong growth and its increasing reserves, the company still faces ongoing regulatory scrutiny. As the U.S. Securities and Exchange Commission (SEC) and other global regulators continue to monitor the cryptocurrency market, Tether will need to remain compliant with emerging regulations.
Tether’s ability to navigate regulatory challenges will be crucial to its continued success. However, its move to increase Bitcoin and gold reserves may serve as a hedge against any future regulatory pressures on fiat-backed stablecoins. By diversifying into Bitcoin and gold, Tether is ensuring that it remains financially robust and can withstand any future shocks from regulatory or market fluctuations.
Tether's strategy of expanding its reserves and staying private allows it to operate with greater flexibility and potentially avoid the pitfalls of a public offering. The company’s growing Bitcoin and gold-backed assets position it well for long-term success, especially as Bitcoin continues to gain adoption as a global store of value. With the potential for a $1 trillion valuation and its increasing influence in the cryptocurrency and blockchain sectors, Tether is poised to continue playing a major role in the digital asset landscape.
While the $515 billion valuation may appear bullish, Tether’s growing treasury, strategic partnerships, and increasing institutional support indicate that the company’s true potential could be far greater than initially projected. Tether’s ability to adapt to regulatory changes, leverage its Bitcoin reserves, and expand into new markets will be key to its continued dominance in the stablecoin space.