tl;dr
An analysis by Artemis CEO Jon Ma suggests that if Tether went public, it could achieve a $515 billion valuation, surpassing major corporations like Coca-Cola. This estimate is based on projecting Tether’s 2025 EBITDA at $7.4 billion and applying Circle’s current 69.3x EBITDA multiple, though this m...
An analysis by Artemis CEO Jon Ma suggests that if Tether were to go public, it could achieve a valuation of $515 billion, surpassing notable corporations like Coca-Cola. This projection is derived from an estimated 2025 EBITDA of $7.4 billion and applying Circle’s current EBITDA multiple of 69.3x, though this multiple remains speculative.
Tether, led by CEO Paolo Ardoino, reported $13 billion in net profits for 2024, primarily from interest on reserves and unrealized gains on Bitcoin and gold. As the largest stablecoin issuer and the third-largest cryptocurrency by market capitalization, Tether plays a crucial role in the crypto ecosystem, serving as a major medium for trading, remittances, and a store of stable value.
Under Ardoino’s leadership, Tether has expanded its stablecoin offerings beyond USDT to include tokens pegged to euro (EURT), gold (XAUt), Mexican peso (MXNT), and offshore Chinese yuan (CNHT). These products facilitate global cross-border transactions and help bridge traditional finance with the dynamic crypto market.
The $515 billion valuation emphasizes Tether’s significant influence and integration within both crypto and traditional financial sectors. However, this figure remains theoretical, contingent on market conditions and the sustainability of high EBITDA multiples. The possibility of Tether’s IPO success is still uncertain amid ongoing market developments and regulatory considerations.