Tether (USDT) CEO Paolo Ardoino Explains Why There's No Plan for IPO

Paolo Ardoino, the chief executive officer of Tether, has stated that the crypto company doesn't have any immediate plans to go public.

Tether (USDT) is yet to make its initial public offering (IPO) debut on the stock market. However, the crypto company has seen massive growth in recent years, generating billions of dollars in profits. This begs the question: When will Tether go public?

In an interview with FOX journalist Eleanor Terrett on Oct. 25, Tether chief executive officer Paolo Ardoino shared his company’s stance on the need for an IPO. Terrett posted this on X.

Ardoino’s comments come in response to queries on the matter following recent statements by Brad Garlinghouse, the CEO of Ripple. In his remarks, Ardoino explained that the stablecoin issuer views an IPO as a step that would hinder its ability to move quickly. Going public would also impair Tether’s mission to continue “disrupting the status quo.”

Tether's growth has seen it generate billions of dollars in profit over the past two years, with recent reports indicating this upward trajectory will continue. This state, where the company has billions of dollars in capital, is what has Ardoino in no rush to have Tether become a publicly traded company.

Companies typically choose to go public when they need capital and liquidity. Tether's profit in the first half of 2024 reached $5.2 billion, with $12 billion in profit over the past two years. This indicates that capital is not an issue for Tether.

In a recent comment, Garlinghouse explained that an IPO is not part of Ripple’s “immediate term” plans. Like Tether, the blockchain company behind XRP (XRP) and RLUSD stablecoin is well-capitalized and does not need an IPO. According to Garlinghouse, Ripple holds more than $1 billion in cash on its balance sheet.

Of the "Big Three" crypto companies that have attracted speculation regarding their plans to go public, Tether, Ripple, and Circle have each taken a unique approach.

In September this year, USDC (USDC) issuer Circle moved its business operations to a new global headquarter amid reports it’s edging closer to an IPO. The company's new HQ is in New York.

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