Paolo Ardoino, the chief executive officer of Tether, has stated that the crypto company doesnโt have any immediate plans to go public.
The Tether (USDT) CEO shared his companyโs view on the need for an initial public offering in comments given to FOX journalist Eleanor Terrett. Terrett posted this on X on Oct. 25. Notably, Ardoinoโs stance aligns with recent comments made by Brad Garlinghouse, the CEO of Ripple.
In his remarks, Ardoino explained that the stablecoin issuer sees an IPO as a move that would hinder its ability to move quickly. Going public would also impair Tetherโs mission to continue โdisrupting the status quo.โ
Tether CEO on why thereโs no plan for IPO
Tetherโs growth has seen it generate billions of dollars in profit over the past two years, with recent reports suggesting 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.
According to the Tether CEO, companies typically choose to go public when they need capital and liquidity. Tetherโs profit in the first half of 2024 reached $5.2 billion, with $12 billion in profit over the past two years, indicating that capital is not an issue.
Ripple CEO Brad Garlinghouse holds a similar view.
In a recent comment, Garlinghouse explained that an IPO is not part of Rippleโs โimmediate termโ 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.
Tether, Ripple, and Circle are three major crypto companies that have attracted speculation regarding their plans to go public.
In September this year, USDC (USDC) issuer Circle moved its business operations to a new global headquarter amid reports itโs edging closer to an IPO. The companyโs new HQ is in New York.
Coinbase, Block, and leading Bitcoin mining companies such as Riot Platforms and CleanSpark are among the top publicly traded crypto companies.
