TLDR
- Arthur Hayes has fueled speculation about Tether’s potential IPO, suggesting a $500 billion valuation.
- Hayes believes Tether’s IPO could rival major companies like SpaceX, OpenAI, and Costco.
- Tether is reportedly in talks to raise $20 billion, which could significantly impact the stablecoin market.
- Circle’s market cap is substantially smaller than Tether’s, making it vulnerable to Tether’s dominance.
- Despite speculation, Tether’s CEO has previously denied any intentions for an IPO.
- Tether’s $5 billion profit in Q2 2025 and recurring income highlight its financial strength.
Speculation around Tether’s Initial Public Offering (IPO) has intensified, fueled by comments from BitMEX co-founder Arthur Hayes. Hayes’ remarks center on Tether’s potential $500 billion valuation and its implications for rivals like Circle. As Tether pursues talks to raise $20 billion, market observers speculate on the company’s next moves and the timing of a possible IPO.
Tether IPO Could Rival Leading Companies
Arthur Hayes recently suggested that Tether’s valuation could rival some of the world’s most valuable companies, such as SpaceX, OpenAI, and Costco. According to Hayes, Tether’s planned valuation of $500 billion could place it in the ranks of these industry giants. The BitMEX co-founder added that Tether’s IPO could deal a significant blow to Circle, the issuer of USDC stablecoin.
Next up a US IPO. Bye bye @circle pic.twitter.com/tYDehemys4
— Arthur Hayes (@CryptoHayes) September 24, 2025
Hayes highlighted Tether’s market dominance, particularly in its $173 billion USDT stablecoin. In comparison, Circle’s USDC market cap stands at $73.6 billion, demonstrating Tether’s commanding presence. Hayes’ statement comes after Circle successfully raised funds through its own IPO, surpassing expectations by 25 times.
Despite these predictions, Tether’s CEO, Paolo Ardoino, has previously dismissed the idea of an IPO. However, with talks about raising $20 billion, many remain intrigued by the possibility of a Tether IPO. Tether’s involvement in diverse business lines is expected to benefit from the additional funds, should the IPO materialize.
Circle’s Reliance on Coinbase Limits Profitability
Tether’s private structure has thus far provided financial stability and growth, unlike Circle, which relies heavily on Coinbase for USDC distribution. Circle’s market cap of $35 billion is significantly smaller than Tether’s expected $500 billion valuation. Hayes’ comments underline the fact that Tether’s operational model, which doesn’t share profits with third-party platforms like Coinbase, gives it a substantial advantage.
Circle’s reliance on Coinbase for large-scale USDC distribution limits its profitability. This arrangement contrasts with Tether’s independent market presence, leading Hayes to assert that Tether’s IPO would overshadow Circle’s success. While Circle raised funds through its IPO, Tether’s dominance in the market could lead to a different set of dynamics in the stablecoin industry.
Despite ongoing discussions about the Tether IPO, analysts remain cautious. The company’s profitability is still under scrutiny, and its future moves remain uncertain. As Tether explores its next steps, the stablecoin market continues to shift, and investors eagerly anticipate its next move.
Tether’s reported $5 billion profit in Q2 2025 and its $500 billion valuation underscore the company’s financial strength.
All you need is $500k funding to never work a job again
$500k funding x 2% per month = $10k/month
That’s $120,000 a year
With that kind of income you can live a good life pretty much anywhere in the world
And 2% per month is a really achievable goal too
Just work on…
— Tom (@t0mbfx) September 23, 2025
Its revenue streams, including $3.1 billion in recurring income, make the company a significant player in the market. Although rumors of a Tether IPO persist, some industry watchers believe the company’s private structure might continue to suit its operations.
