Stablecoin issuer Tether is not considering an IPO. This was stated by the company’s CTO, Paolo Ardoino, in an interview with CryptoPotato.

The location of Tether management differs from the plans of Circle Internet Financial, the company behind the USDC stablecoin. The issuer’s valuation as part of a reverse merger listing in July 2021 was $4.5 billion, doubled in February 2022.

Ardoino said that Wall Street is in the throes of quarterly profits and Tether continues its mission to support the unbanked and those suffering from currency devaluations. According to Ardoin, there are about 2 billion such people in the world.

“We want to stay”tool for people””, explained.

The company focuses on payments rather than DeFi and service providers. The CTO stated that the project does not require marketing to be successful, and in this regard, nothing will change even if the list of competitors in the stablecoin segment expands.

You go to Turkey, Venezuela, Argentina, Brazil, Latin America, India. – Wherever you go, even to Dubai you will find someone to exchange or accept USDT.” explained.

Tether CTO reiterated his thesis that UST is dangerous for the cryptocurrency market. He added that an asset with a capitalization exceeding $10 billion could pose a threat to the industry in the event of mass liquidation.

“[…] Imagine an algorithmically secured stablecoin with $80 billion in supply and a 50% or 60% downside scenario. 40 billion dollars – is equivalent [ВВП] countries. We don’t like having Fiat on our guarantee.”said Ardoino.

According to him, Tether will be “quite comfortable” to rank second or third in the stablecoin rankings with capitalization as the industry evolves.

At the moment, with an indicator of $ 83.2 billion, USDT is in first place, second place is USDC ($ 48.8 billion), in third place is UST from Terra ($ 18.7 billion).

Recall that an audit in August 2021 showed that 49% of Tether reserves consisted of commercial papers – short-term debt obligations.