Circle's Blockbuster Success Aside, Tether CEO Doesn't Want To Go Public: 'Not Trying To Please' Couple Of JPMorgan Analysts

Paolo Ardoino, CEO of stablecoin issuer Tether USDT/USD, said Thursday that the company has no plans to go public, despite Circle Internet Financial’s CRL success on Wall Street.

What Happened: During an interview with entrepreneur and investor Anthony Pompliano, Ardoino cited the company’s profitability and conservative management as key reasons behind the decision.

“We are not interested to go public, especially given the fact that the company is very profitable, and this year we think we could beat last year profits, then you know why going public,” Ardoino said.

The CEO added that they are not seeking “cheap capital,” which he believed is a primary reason why companies want to go public.

“We are very conservative in the way we manage the company. We don’t have dozens of employees,” Ardoino went on to say. “We have lean operations. We are reinvesting most of what we earn in safe assets like gold and bitcoin. So we don’t need access to capital.”

“We don’t want to live quarter by quarter trying to please a couple of analysts from JP Morgan,” he added.

Ardoino also acknowledged the blockbuster listing of Circle, the company that issues the world’s second-largest stablecoin USD Coin USDC/USD. He believed Tether would be worth $2 trillion with the same multiplier that Circle has.

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Why It Matters: Ardoino’s remarks come as the stablecoin industry is experiencing significant momentum, with the Senate recently passing a legislation that establishes the America’s first regulatory framework for dollar-pegged cryptocurrency.

The sector also saw the bumper debut of Circle on Wall Street, and the stock has exploded 543% from its IPO price

Notably, Tether relocated its operations to El Salvador earlier this year, a move prompted by the country’s crypto-friendly policies and adoption of digital assets. The firm reported annual profits of over $13 billion in 2024.

Price Action: Shares of Circle closed 33.8% higher at $199.59 during Wednesday’s regular trading session, according to data from Benzinga Pro.

CRCL exhibited a low value score—a percentile-ranked composite metric that evaluates a stock's relative worth by comparing its market price to fundamental measures— as of this writing. Check out Benzinga Edge Stock Rankings to filter out the best performers on this metric.