“Tether Doesn’t Need to Go Public”: USDT Issuer Dig at Circle Heats up Stablecoin Battle

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There are few things that are forever on the crypto market, but at least the battle between two major stablecoins USDT and USDC, and their issuing companies Tether and CIrcle, is here to stay for a while.

The latest round of tension, if you can call it that, came today when Paolo Ardoino, who is the CEO of Tether, took a slight dig at their main challenger with a "Tether doesn't need to go public" claim.

This could be seen as a direct swipe at Circle, as the USDC issuer recently filed with the SEC for an initial public offering, as it is planning to list on the New York Stock Exchange. Circle has not said what the terms of the IPO will be, but if the regulator gives the go-ahead, the offering will go ahead after due diligence is completed.

Tether doesn't need to go public pic.twitter.com/afa28xdKTg

— Paolo Ardoino 🤖 (@paoloardoino) April 4, 2025

Obviously, in Ardoino's statement, aside from the dig at its closest competitor, is the reassurance that Tether's books are so good that the USDT issuer does not need to attract more capital and is self-sustaining. You can certainly look at it that way.

According to the latest disclosure, Tether is amassing nearly $148 billion in reserves to back the fiat Tether tokens in circulation, most of which are U.S. Treasury bills. Bitcoin also has its place in USDT's reserves with 92,646 BTC, equivalent to about $7.78 billion, backing the issuance of stablecoin.

On the other hand, the company's refusal to go public can also be seen as a strategy to avoid detailed scrutiny of those very reserves, alleged instability about which Tether skeptics have long been vocal.

Meanwhile, the crypto market remains as competitive as ever, and such public challenges are certainly what make this place special.

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