Tether CTO: The Company Has No Plans to Hold an IPO

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Tether, issuer of the stablecoin with the same name Tether (USDT), is not considering an IPO, Paolo Ardoino, CTO of the company, has said.

The position of the Tether management differs from the plans of Circle Internet Financial, the company behind the USDC stablecoin. In July last year, as part of entering the stock market through a reverse merger, the issuer was valued at $4.5 billion, and in February this year, this figure doubled.

Ardoino has said that Wall Street is in the race for quarterly profits, whereas Tether is pursuing its mission to support the unbanked and those suffering from currency devaluations. According to Ardoino, there are about 2 billion such people in the world. He has explained:

“We want to remain a ‘tool for the people’.”

He has noted that the company is focusing on payments rather than DeFi and serving institutions. The project did not require marketing to be successful, and in this regard, nothing will change even as the list of competitors in the stablecoin segment expands.