Tether’s CEO, Paolo Ardoino, said the company does not intend to go for a public listing. Right after Circle, the issuer of USDC stablecoin, listed on the NYSE on June 5, 2025, its share price saw a 167% increase in the first trading session.
A $515B+ Valuation Speculation
If it goes public, Jon Ma (Artemis CEO) suggested that Tether might have a valuation of $515 billion and outrank large companies such as Costco and Coca-Cola on a global scale. However, Ardoino said the $515 billion was a large estimate, but insisted it could still be understated because Tether keeps adding to its Bitcoin and gold stocks.
Top players in the industry, especially Anthony Pompliano and Jack Mallers, believe that Tether could one day reach a valuation of $1 trillion due to its strong market standing.
How The Company’s Finances and Growth Look Over Time
Jon Ma thinks that the financial results of Tether back the high worth of the company. In 2024, Tether declared a net profit of $13 billion, and $7 billion of that was from Treasuries and repurchase agreements, while $5 billion came from unrealized profits in Bitcoin and gold (which were not included in EBITDA).
According to Ma’s estimates, Tether’s USDT supply could rise by $50–60 billion in 2025, and there would be an average of $170 billion in circulation. On the assumption that the Federal Funds Rate is 4.2%, Tether’s EBITDA for 2025 is expected to be $7.4 billion. Hence, multiplying Twitter’s 2022 EBITDA by 69.3x gives a valuation of $515 billion, though Ma feels that such a high multiple could prove difficult to attain.
Ardoino indicated he was excited about Tether’s future. USDT, the token from Tether, is the third-largest cryptocurrency in the world, with a market capitalization of $154.83 billion as of June 8, 2025, as stated by on-chain data.
Strategic Actions and More Bitcoin Purchases
Recently, Tether also acquired the majority share in Twenty-One Capital, a Bitcoin treasury company from Strike, a firm headed by Jack Mallers.
After its recent launch, Twenty-One Capital has taken a place as the third-largest company holding Bitcoin, only after Strategy and MARA Holdings. Tether sent 37,229.69 Bitcoin, worth more than $3.9 billion, to the addresses linked to the firm on June 3, 2025, a sign of their confidence in cryptocurrency.
To expand its reach, Tether introduced an omnichain gold-backed stablecoin, powered by TON, in addition to its main offerings.
Stablecoins Performance in Terms of Revenue
Tether remains the top-earning company in the stablecoin space when it comes to the generation of transaction fees. In the last month, Tether earned $432.5 million in fees, whereas Circle charged $193.8 million, so Tether outperformed Circle by more than 115%.
Circle posted revenues of $1.4 billion in 2024, and its market valuation went up to $16.7 billion after completing its IPO. Even so, Tether managed to earn $14 billion a year, more than what Paxos or TrueUSD did.
However, Tron’s TRX took the lead in transaction fees by earning $345.8 million, which beat the native tokens of both decentralized exchange networks and MEV protocols. Uniswap recorded $75.6 million in fees, as its fees increased by 62.9%, while Jito earned $61.6 million. Yet, Tether and Circle stayed on top through their earnings from issuing and managing funds in this industry.
Tether Makes History with On-chain Transfer
The first time that Tether broke the $1 trillion mark in monthly on-chain transfers happened this month. The milestone proves that USDT is one of the top cryptocurrencies that people use in the industry.
The increase in transfers suggests that people are counting on stablecoins for payments, which could result in blockchain networks that help stablecoins become more popular.
In a related development, “Stable,” a fresh blockchain project, will soon launch with help from cryptocurrency exchange Bitfinex and USDTO, with Tether’s CEO, Paolo Ardoino, an adviser. While most markets are designed for retailers, Stable would be for banks and firms, and its system uses USDT for transaction charges (gas).
The official announcement revealed that the Stable team consists of blockchain engineers, fintech entrepreneurs, and crypto innovators, although their names are kept secret.
