Tether vs Circle — The Stablecoin IPO Battle

[cryptoenthusiast]

The potential of a Tether IPO highlights the massive gulf between the two largest stablecoin issuers.

By the numbers:

Tether’s USDT market cap: $173B (2.3x larger than Circle’s USDC, at $73.6B)

Circle’s IPO valuation: ~$35B

Tether rumored raise: $20B at $500B valuation

Tether Q2 2025 profit: $5B (with $3.1B recurring income)

Unlike Circle, Tether doesn’t rely on Coinbase for distribution, giving it a sharper profitability edge.

[EmTeam]

$5B profit in Q2 and no Coinbase dependency gives Tether a huge edge over Circle. The IPO valuation chatter just shows how wide the gap is.

[jacson4]

USDT at $173B cap vs USDC $73.6B — the gulf is massive. If Tether IPOs anywhere near $500B, it would redefine stablecoin markets.