Tether’s CEO points to the company’s growing Bitcoin and gold treasury as a reason why a speculative $515 billion valuation might actually be “a bit bearish.”

Tether CEO Paolo Ardoino says the stablecoin issuer has no intention of going public, just days after rival Circle made its debut on the New York Stock Exchange (NYSE).

“No need to go public,” Ardoino said on June 7, just two days after Circle, which is behind the stablecoin USDC 

, entered the public market on June 5. Circle’s shares climbed 167% on its first trading session on the NYSE.