Tether CEO Paolo Ardoino has revealed that there are no IPO plans for his company at the moment. He further explained why he doesn’t believe his company need to go public anytime soon. Interestingly, his explanation echoed Ripple CEO Brad Garlinghouse sentiment as Garlinghouse also recently revealed that his firm has no plans to go public, at least for now.
Paolo Ardoino Reveals Tether Isn’t Going Public For Now
FOX Journalist Eleanor Terrett revealed in an X post that the Tether CEO has confirmed that there are no IPO plans from the stablecoin issuer at the moment. Paolo Ardoino explained that he believes going public would impair his company’s ability to move fast and keep “disrupting the status quo.”
He added that he thinks a company should only go public when they need to access capital and liquidity, something which Tether isn’t lacking at the moment, considering that they have made $12 billion in profits over the last two years.
For context, the stablecoin issuer has been more profitable than Wall Street giants like the world’s largest asset manager, BlackRock. Therefore, it is understandable that Tether and its CEO Paolo Ardoino do not feel the need to go public.
Instead, the company looks to be more focused on expanding their business operations. CoinGape recently reported that Tether proposed Boron tokenization to Turkey. Additionally, the stablecoin issuer is also looking into commodity lending and other financial services.
Meanwhile, as Terrett noted, Ardoino’s statement on the reason why Tether doesn’t need to go public is similar to the reason Ripple CEO Brad Garlinghouse gave on why his firm isn’t looking to go public anytime soon. While providing clarity on a potential IPO, the Ripple CEO mentioned that they have a strong balance sheet and as such, do not see the need to go public in the immediate term.
Tether Unveils Satoshi Nakamoto Statue In Lugano
Paolo Ardoino’s statement comes amid Tether’s unveiling of a Satoshi Nakamoto statue in Lugano. The stablecoin coin issuer announced in a blog post that the life-sized statue of the Bitcoin creator was unveiled at the 3rd annual Plan ₿ Forum in Lugano.
Plan â‚ż is an initiative which Tether founded in collaboration with the City of Lugano to promote the use of Bitcoin and blockchain technology.
Speaking on the development, Tether CEO Paolo Ardoino said,
The statue of Satoshi Nakamoto stands as a testament to the revolutionary impact of Bitcoin and the idea of decentralization. Satoshi’s decision to step away and let the community lead showcases the true essence of decentralization.
He added that the artwork will serve as a reminder of the enduring influence of Satoshi’s vision, which will continue to inspire them to continue to push the boundaries of innovation and financial freedom.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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