Tether CEO Dismisses IPO Route as USDT vs. USDC Battle Heats Up

The stablecoin rivalry between Tether (USDT) and Circle (USDC) shows no signs of cooling down. In the latest exchange, Tether CEO Paolo Ardoino made headlines by stating that “Tether doesn’t need to go public,” a remark interpreted as a subtle jab at Circle, which recently filed for an initial public offering with the U.S. SEC to list on the NYSE.

While Circle's IPO plans remain under regulatory review, Ardoino's comment signals confidence in Tether’s financial independence. The statement suggests that Tether is sufficiently capitalized and doesn’t need to seek outside investment, reinforcing the company's self-sustaining model. Critics, however, argue that avoiding a public listing may help Tether evade deeper financial scrutiny—particularly regarding the transparency and stability of its reserves.

According to its latest disclosure, Tether holds nearly $148 billion in reserves, primarily in U.S. Treasury bills. Notably, Tether also owns 92,646 BTC, worth around $7.78 billion, as part of its reserve assets—a move that further aligns the company with the broader crypto market. In contrast, USDC has seen slower growth, despite backing from Coinbase and strong ties with U.S. regulators.

The battle between USDT and USDC isn’t just about market share—it’s about trust, transparency, and long-term viability. Tether continues to dominate stablecoin circulation globally, but as Circle pushes toward a public listing, the spotlight on both companies will only intensify.

As crypto adoption accelerates, the race between Tether and Circle could shape the future of digital finance. Whether through public offerings or private dominance, the competition keeps the market dynamic—and investors closely watching.