Tether's market valuation could reach 500 billion USD, making it one of the world's top 19 companies? CEO: It might still be too conservative.

As the competition among stablecoins intensifies, Tether is estimated that if it goes public, its market capitalization would surpass Costco and Coca-Cola, ranking as the 19th largest company in the world. Tether's CEO responded to the estimate saying it is "beautiful but still a bit conservative," emphasizing the growth potential of its Bitcoin and gold assets. In the face of competitor Circle going public on the New York Stock Exchange, Tether has chosen to maintain its stance against going public.

(Coinbase IPO has fallen by 36% since its listing, and Arthur Hayes believes that Circle may peak at the time of its listing).

Circle's listing ignites a valuation comparison of two major stablecoin issuers.

On June 5, the USDC issuer Circle officially listed on the New York Stock Exchange (NYSE), with its stock price soaring 167% on the first day, becoming one of the most watched public listings in the history of the cryptocurrency industry.

This move has sparked enthusiastic discussions in the market regarding the valuation of stablecoin operators. Jon Ma, the founder of Artemis, estimated based on Circle's financial model that if Tether were to go public today, its market capitalization would reach as high as $515 billion, making it the 19th largest company in the world, surpassing Costco and Coca-Cola.

If @Tether_to went public TODAY, Tether would be the 19th largest company in the world at $515B.

That’s ahead of Costco and Coca Cola.

Here’s why: – Circle is now public at $30B market capitalization – Our financial model has Circle at $410B EBITDA in 2025 or 69.3x EBITDA – Tether claims… pic.twitter.com/JCzNwjQI5z

— Jon Ma (@jonbma) June 6, 2025

The core of the Jon Ma model is to apply Circle's EBITDA ( Earnings Before Interest, Taxes, Depreciation, and Amortization ) multiple to Tether:

Tether is expected to achieve an EBITDA of 7.4 billion USD by 2025, and if the current EBITDA valuation benchmark of Circle at 69.3 times is applied, its valuation is projected to reach 515 billion USD.

But he also added, "Such a high multiple usually reflects market speculation or high growth expectations, which may not be applicable to all companies and is often difficult to sustain."

Tether CEO states no plans for IPO: The valuation of 500 billion is a bit conservative

Tether CEO Paolo Ardoino quickly responded to this valuation estimate:

$515 billion is a beautiful number, but considering our rapidly rising Bitcoin and gold reserves, this figure might still be a bit conservative.

He further pointed out that Tether has achieved a net profit of 13 billion USD in 2024, of which 7 billion comes from U.S. Treasury bonds and repurchase agreements, while another 5 billion comes from unrealized gains in Bitcoin and gold, but this part has not yet been included in the EBITDA model.

Ardoino also emphasized that Tether does not intend to emulate Circle by launching an IPO: "We have no need to go public and are quite excited about the future development of the company."

Bitcoin and gold reserves are key to valuation potential

Tether is actively shifting its asset allocation towards Bitcoin and gold, symbolizing a role change. The company has recently transferred approximately 390 million dollars worth of Bitcoin (, totaling 37,229 BTC), into its new investment platform Twenty One Capital, which is led by Strike founder Jack Mallers and is positioned as a Bitcoin financial reserve institution.

Stock code: XXI

In just a few months, Twenty One Capital has now risen to become the third largest corporate Bitcoin holder in the world, following MicroStrategy (Strategy) and mining company MARA. As the largest shareholder at 51.7%), Tether's reserve assets not only enhance the company's financial stability but also provide a higher ceiling for its potential valuation.

( SoftBank and other funds are gradually in place, Tether-led Twenty One rose 4% before the market opened )

The next step for the king of stablecoins: going public is not the only way out.

Although Circle was the first to enter the capital market, Tether has clearly chosen a different path. Ardoino's "next stage of growth" could strengthen the Bitcoin capital platform or create a public chain focused on stablecoins, called Stable, starting from L1, but it is not about chasing short-term IPO benefits.

(Tether and Bitfinex launched Layer 1 "Stable": a public blockchain for stablecoins, USDT is the native token )

In the global stablecoin supply, Tether still holds over 67% of the market share, firmly in first place. Its underlying cash flow structure and asset allocation are gradually showing characteristics similar to that of a financial institution. For the company, whether it goes public or not seems to be truly unimportant.

This article suggests that Tether's market valuation could reach 500 billion USD, making it the 19th largest company globally? CEO: It might be too conservative. Originally appeared on Chain News ABMedia.