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06/13 18:08

Potential Tether IPO could surpass Coca-Cola's val

Potential Tether IPO could surpass Coca-Cola's value, CEO says

Tether CEO Paolo Ardoino presented a bold valuation scenario: If the stablecoin giant goes public, its market cap could reach $515 billion, potentially making it one of the 20 most valuable companies in the world, surpassing traditional giants like Coca-Cola and Costco.

The forecast is based on comparisons with competitor Circle, which has a private valuation of around $30 billion. Based on internal projections for 2025, Tether expects EBITDA to reach approximately $7.4 billion, supported largely by revenue from U.S. Treasury bonds and repo transactions, with additional gains from Bitcoin and gold reserves.

While Tether generated $13 billion in net income in 2024 – including $7 billion in interest-bearing assets – a significant portion of the remainder comes from unrealized gains on cryptocurrencies and gold, which are not included in traditional EBITDA.

Ardoino acknowledged that the $515 billion figure may seem ambitious, but he considers it conservative given Tether’s accelerating growth and expanding reserves. The company plans to increase the USDT supply to $170 billion next year, with interest income remaining the primary driver.

Although Tether has not announced plans for an IPO, this theoretical valuation highlights its growing financial clout and signals how dominant stablecoin issuers could become if listed on traditional markets. 

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