Arthur Hayes Speculates on Tether’s Potential $500B IPO and Market Impact

BitMEX co-founder Arthur Hayes has ignited market speculation with bold predictions about Tether's potential initial public offering. The stablecoin issuer could command a staggering $500 billion valuation, positioning it alongside industry titans like SpaceX and OpenAI. Such a move would reshape the crypto landscape, particularly for competitors like Circle and its USDC stablecoin.

Tether's financial dominance is undeniable. With $5 billion in Q2 2025 profits and ongoing talks to raise $20 billion, the company demonstrates remarkable revenue-generating capacity. This financial strength contrasts sharply with Circle's comparatively modest market position, leaving USDC vulnerable to Tether's expanding influence.

Market observers note the irony in Hayes' comments given Tether CEO Paolo Ardoino's previous denials of IPO plans. The speculation persists nonetheless, fueled by Tether's growing dominance in the $130 billion stablecoin market. A public offering of this magnitude could trigger significant capital reallocation across crypto markets.