Tether’s Hypothetical IPO Could Value It Above Coca-Cola, CEO Suggests

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.

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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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.