Tether CEO says company has no plans for IPO for now

Tether’s CEO Paolo Ardoino stated that the crypto company has no immediate plans to go public.

Tether (USDT) CEO shared his view on his company’s need for an initial public offering in comments to FOX journalist Eleanor Terrett. Terrett posted this on X on October 25th. Ardoino’s stance is particularly consistent with the recent comments of Ripple CEO Brad Garlinghouse.

In his remarks, Ardoino explained that the stablecoin issuer sees the IPO as a move that would hinder its ability to act quickly. Going public would also hurt Tether’s mission to continue “disrupting the status quo.”

Tether CEO explained why there are no plans for an IPO

Tether’s growth has seen it generate billions of dollars in profits over the past two years, and recent reports suggest this rise will continue. This state, where the company has billions of dollars of capital, ensured that Ardoino did not rush to make Tether a public company.

According to Tether’s CEO, companies often choose to go public when they need capital and liquidity. Tether’s profit in the first half of 2024 reached 5.2 billion dollars, and the 12 billion dollars it has earned in the last two years shows that capital is not a problem.

Ripple CEO Brad Garlinghouse has a similar view.

In a recent comment, Garlinghouse clarified that an IPO is not part of Ripple’s “immediate future” 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 has more than $1 billion in cash on its balance sheet.

Tether, Ripple and Circle are three major crypto companies that have been at the center of speculation about their plans to go public.

In September this year, USDC (USDC) issuer Circle moved its business operations to a new global headquarters amid reports that it was nearing an IPO. The company’s new headquarters is in New York.

Leading Bitcoin mining companies such as Coinbase, Block and Riot Platforms, and CleanSpark are among the largest publicly traded crypto companies.