Tether CEO Paolo Ardoino said the cryptocurrency company has no immediate plans to go public.
The CEO of Tether (USDT) shared his company’s views on the need for an initial public offering in comments given to FOX journalist Eleanor Terret. Mr. Terrett posted this on X on October 25th. Notably, Ardoino’s position is consistent with recent comments from Ripple CEO Brad Garlinghouse.
In his remarks, Ardoino explained that stablecoin issuers view IPOs as a move that prevents them from moving quickly. Going public would also undermine Tether’s mission to continue “challenging the status quo.”
Tether CEO explains why there is no IPO plan
Tether’s growth has generated billions of dollars in profits over the past two years, and recent reports suggest this upward trajectory will continue. Mr. Ardoino is in no hurry to take Tether public, thanks to the state, where the company has billions of dollars in capital.
Tether’s CEO said companies typically choose to go public when they need capital and liquidity. Tether’s profits for the first half of 2024 amounted to $5.2 billion, with profits of $12 billion over the past two years, showing that capital is not an issue.
Ripple CEO Brad Garlinghouse has a similar view.
In recent comments, Garlinghouse explained that an IPO is not part of Ripple’s “immediate” plans. Similar to Tether, the blockchain companies behind the XRP (XRP) and RLUSD stablecoins are well-capitalized and do not require an IPO. Garlinghouse said Ripple has more than $1 billion in cash on its balance sheet.
Tether, Ripple, and Circle are three major cryptocurrency companies that have sparked speculation regarding their plans to go public.
In September of this year, USDC (USDC) issuer Circle relocated its business operations to a new global headquarters following reports that it was nearing an IPO. The company’s new headquarters are in New York.
Coinbase, Block, and major Bitcoin mining companies such as Riot Platforms and CleanSpark are among the top publicly traded crypto companies.
