Key Insights:
- Tether transferred $200M USDT to Bitfinex from its treasury wallet.
- Valuation claim of $515B puts Tether ahead of Coca-Cola and Costco.
- CTO Paolo Ardoino says growth is accelerating, backed by Bitcoin and gold reserves.
Treasury Movement Triggers Fresh Scrutiny
Blockchain tracker Whale Alert flagged a $200 million USDT transfer from the Tether Treasury to Bitfinex on June 6. The transaction valued at $200.2 million arrived amid renewed discussion surrounding Tether’s financial position and market footprint.
The transfer came with no official explanation, though such transactions typically precede liquidity injections to meet exchange demand. Bitfinex and Tether share a long history and common leadership under iFinex, drawing close attention to their internal capital flows.
Stablecoin movements of this size often coincide with volatility phases in broader crypto markets. While USDT maintains its peg, its mint-and-transfer cycles regularly attract debate about transparency and systemic influence.
$515B Valuation Puts Tether Ahead of Coca-Cola
Jon Ma, an independent fintech researcher, claimed on X that Tether’s current business metrics place it at a $515 billion valuation—enough to rank it as the 19th largest company globally. That would place the stablecoin issuer ahead of consumer giants like Costco and Coca-Cola.
Ma compared Tether’s financial potential to Circle’s $30 billion valuation following its recent IPO. He projected that if Circle can command that price with 2025 EBITDA expectations of $410 billion at a 69.3x multiple, Tether’s valuation could be much higher given its market share and profit metrics.
“Tether would be the 19th largest company in the world at $515B,” Ma wrote. “That’s ahead of Costco and Coca-Cola.”
The bold claim sparked fresh discourse on X, with users debating whether Tether’s opaque structure and regulatory distance warrant such high multiples.
CTO Points to Bitcoin, Gold Holdings as Value Drivers
Tether Chief Technology Officer Paolo Ardoino responded directly to the valuation claim. In a post on X, Ardoino said he was “very humbled” by the number, but added that $515 billion “might be a bit bearish,” referencing Tether’s growing treasury composed of Bitcoin and gold.
“Tether valuation at $515B is a beautiful number,” Ardoino wrote. “Maybe a bit bearish considering our current (and increasing) Bitcoin + Gold treasury.”
The company has not disclosed the full breakdown of its reserves but previously confirmed large Bitcoin holdings alongside U.S. Treasury securities and a smaller portion in physical gold. Ardoino framed this as part of the company’s long-term growth trajectory, hinting at new strategic shifts.
He closed the post by thanking the community and describing Tether’s next phase as one of “excitement and growth.”
Questions Persist Over Transparency and Market Impact
Despite record issuance and growing adoption, Tether continues to face longstanding questions over its reserves, governance, and dollar-backing practices. U.S. regulators have not approved any formal framework for stablecoins of its scale, and Tether has avoided public audits.
Its latest attestation showed over $110 billion in circulating supply, with substantial profits stemming from interest on U.S. Treasury holdings. But critics argue that self-attested balance sheets lack the rigor needed for institutional confidence.
The $200 million USDT transfer added fuel to those concerns. Observers noted that Bitfinex’s use of fresh USDT may raise questions over demand forecasting and reserve efficiency, especially amid surging spot volumes and leveraged trades.
Still, the market response remained muted. USDT held its peg, and Bitfinex saw no major price dislocation following the deposit. Traders appeared unfazed, treating the event as another routine liquidity event in crypto’s largest dollar proxy.
Tether’s transfer of $200 million to Bitfinex coincided with new valuation claims that cast it among the world’s corporate giants. While the company’s growth remains evident, its next chapter could hinge on whether it embraces more transparency or keeps riding momentum on reserve speculation and market demand.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only. And they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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