Tether CEO says company has no plans for IPO for now

Paolo Ardoino, the chief executive officer of Tether, has stated that the crypto company doesn’t have any immediate plans to go public.

The Tether (USDT) CEO shared his company’s 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, Ardoino’s 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 Tether’s mission to continue “disrupting the status quo.”

Tether CEO on why there’s no plan for IPO

Tether’s 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. Tether’s 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 Ripple’s “immediate term” 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 it’s edging closer to an IPO. The company’s 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.