Tether’s Hypothetical IPO Could Value It Above Coca-Cola, CEO Suggests
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Tether CEO Paolo Ardoino has floated a bold valuation scenario: if the stablecoin giant were to go public, its market cap could soar to $515 billion — potentially making it one of the top 20 most valuable companies globally, surpassing legacy giants like Coca-Cola and Costco.
The estimate is grounded in comparisons to rival Circle, whose private valuation stands around $30 billion. Based on internal projections for 2025, Tether expects EBITDA to reach approximately $7.4 billion, supported largely by income from U.S. Treasuries and repo operations, with additional gains from Bitcoin and gold holdings.
While Tether earned $13 billion in net profit during 2024 — including $7 billion from interest-bearing assets — a significant portion of the remainder came from unrealized crypto and gold gains, which aren’t factored into traditional EBITDA.
Ardoino acknowledged that the $515 billion figure might seem ambitious but considers it conservative in light of Tether’s accelerating growth and expanding reserves. The company anticipates boosting the USDT supply to $170 billion next year, with interest income remaining a dominant driver.
Though Tether hasn’t announced plans to go public, this theoretical valuation underscores its increasing financial clout — and signals how dominant stablecoin issuers might become if listed on traditional markets.
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