‘They Make No Money’: Here’s What Tether’s CEO Had to Say About Circle Before Its Massive IPO

It was in early April, in the middle of a conversation with Decipher At the Cantor Fitzgerald’s Swanky Midtown Manhattan headquarters, that director Tether Paolo Ardoino suddenly asked to stop the interview. Reason? He noticed the “strange message” on the laptop open in front of him.

After twenty seconds of silence in the conference room, Ardoin’s face flashed with a big smile. The reports circulated that a circle, one of the main competitors in Tether, could touch the brakes on its long-planned IPO.

“People were not impressed with their financial resources and publications,” Ardoino said at the time. “They don’t make money, I guess.”

“It’s funny because I kept saying they didn’t make money, forever,” the Tether CEO continued. “And people said, ‘Oh, Paulo, of course you are, you are a competitor. “But that’s clear.” “

Two months later, Circle’s IPO finally hit Wall Street – and the company has anything besides money. Thursday, Stabblecoin The publishers’ shares more than tripled their target price of $ 31 on the first day of trading, eclipse $ 100 and sending completely diluted market capitalization of the company, increasing $ 19 billion.

The excitement around the debut of the Wall Street circle was so announced on Thursday that the New York Stock stop trading Stock, Crcl, repeatedly.

Decipher He reached on Thursday a binding representative to think about developing, but he didn’t get an answer immediately.

Tether is by far the world’s largest publisher Stablecoin – a digital property that usually refers to the US dollar that allows owners to enter and go out to the crypto markets and are therefore the cornerstone of the industry.

The leading Stablecoin company based in El Salvador, USDT, can currently boast of market capitalization of more than $ 153 billion. The next closest competitor of Tether is Circle, who is releasing USDC, Stabblecoin supported by dollars with a circulating value of $ 61 billion.

Circle, headquartered in the United States, is widely considered competitors who are about to adhere to strict financial regulations in which the market leader may not. Tether never surrendered to the complete financial audit, and USDT is recessed into jurisdictions like European Union with strict requirements for stablecoin publishers.

While the United States are trying to pass their legal framework To issue stabible, Tether signaled that he could create a New token Adapted to meet these requirements and hold his leading token USDT focused on the emergence markets. StableCoin accounts that are underway in the Congress would be bound by issuers, among other things, to offer detailed, revised evidence of reserves and in accordance with strict measures against the laundering of money required by the Law on Bank’s Security.

During DecipherSitting with Ardoin in April, the Tether CEO is clearly clear that a little love is lost between him and the competitors, including Circle. Ardoino rejected any claims of such companies about the alleged lack of compliance with financial regulations as false and unwavering.

“They want to try to kill us,” he said. “Just for trying to make a little more money.”

Ardoino also signaled, during an interview, that a company choice like Circle to hug Wall Street can be short -sighted.

“It’s great for us,” the executive director told more and more crowded stabibel publisher field. “Because each of them will focus on institutional adoption and institutions will issue you for a business place.”

Ardoino analyzed the desire of any competitor in his sector to try to capture himself to attract himself as a similar startup trying to build another Amazon from zero.

“Of course,” he said. “But we have a distribution that no one else has. Now it’s very difficult to repeat.”

Circle Executive Director, Jeremy Allaire, saw his balloon for almost two billion dollars on Thursday, based on shares of the company he owns.

Earlier this morning, the executive director made a celebratory publish On the X, the debut of the Heralding Circle debut as a historic moment for him and his company.

“From the beginning we were deeply focused on belief, transparent, aligned, ethical and well -managed,” Allaire said. “Holding the high standards of the rules and regulations of NYSE and SEC, they further deepen these traits.”

In the last few hours, analysts have rushed to explain the huge effect of the Circle on the stock market, which has surprised many in traditional finances.

“It is mostly managed by Stablecoin Fervor and the people who are left there or aside, “said Tom Dunleavy, a partner at the investment company Varys Capital, said Decipher of the current interest in the company. “You can’t invest in Tether.”

Additional reporting André Komanski