Tether，IPO和Arthur Hayes：解碼5000億美元的估值嗡嗡聲

亞瑟·海斯（Arthur Hayes）在潛在的5000億美元估值中，重新點燃了繫帶IPO的猜測。是炒作還是改變穩定市場的遊戲改變者？

The rumor mill is churning again with whispers of a Tether IPO, fueled by none other than BitMEX co-founder Arthur Hayes. With talk of a potential $500 billion valuation, could Tether be the next SpaceX or Coca-Cola? Let's dive in.

謠言廠再次用繩索IPO的耳語攪動，除了Bitmex聯合創始人Arthur Hayes之外，沒有其他東西。通過談到潛在的5000億美元估值，系tether可以成為下一個SpaceX或可口可樂嗎？讓我們潛入。

Arthur Hayes' Prediction: Tether IPO vs. Circle

亞瑟·海斯（Arthur Hayes）的預測：繫繩IPO與圈子

Hayes boldly predicts that a Tether IPO would spell trouble for Circle, the USDC stablecoin issuer. This follows Circle's successful IPO, which was reportedly oversubscribed 25x. Hayes' comments come amid reports that Tether is seeking funding at a staggering $500 billion valuation, potentially raising as much as $20 billion.

海耶斯大膽地預測，繫繩IPO會為USDC Stablecoin發行人Circle拼寫麻煩。這是在Circle成功的IPO之後，據報導，該IPO被超額認購25倍。海耶斯的評論是在報導說，泰瑟（Tether）以驚人的5000億美元估值尋求資金，可能會籌集多達200億美元。

This valuation would place Tether among the world's most valuable private companies, rivaling giants like OpenAI and SpaceX. Tether CEO Paolo Ardoino has confirmed they are considering a raise from select high-profile investors to scale the company's strategy across various business lines, including stablecoins, AI, energy, and media.

這一估值將使繫繩陷入世界上最有價值的私營公司之中，與Openai和SpaceX等巨頭競爭。 Tether首席執行官Paolo Ardoino已確認他們正在考慮從某些備受矚目的投資者加薪，以擴大公司在包括Stablecoins，AI，Energy和Media在內的各種業務方面的戰略。

Tether vs. Circle: A David and Goliath Story?

繫繩與圈子：大衛和巨人的故事？

Comparing Tether's potential IPO to Circle's public listing highlights the vast difference in scale. Tether aims to raise $20 billion at a $500 billion valuation, while Circle's market cap hovers around $35 billion. Tether's USDT boasts a market cap of $173 billion, significantly larger than Circle's USDC at $73.6 billion.

將Tether的潛在IPO與Circle的公共列表進行比較，突出了規模的巨大差異。 Tether的目標是以5000億美元的估值籌集200億美元，而Circle的市值徘徊在約350億美元。 Tether的USDT擁有1730億美元的市值，比Circle的USDC大得多，價格為736億美元。

Profitability is another key differentiator. Tether generated approximately $5 billion in Q2 2025, with $3.1 billion in recurring income, while Circle has faced losses. This is partly due to Circle's revenue-sharing agreement with Coinbase, unlike Tether, which doesn't pay for distribution. Hayes emphasizes the importance of distribution when evaluating stablecoin issuers.

盈利能力是另一個關鍵區別。繫繩在2025年第2季度產生了約50億美元的收入，經常收入為31億美元，而Circle面臨損失。這部分是由於Circle與Coinbase的收入共享協議，與Tether不同，Tether不支付分銷費用。海耶斯強調評估Stablecoin發行人時分配的重要性。

The $500 Billion Question: Does Tether Need an IPO?

耗資5000億美元的問題：繫繩需要IPO嗎？

With a $500 billion valuation, some question the necessity of a public listing. One user suggested that if Tether were to go public, they might spin off a US-regulated entity separately and keep the core business private. The general sentiment is that Tether doesn't need the capital to generate revenue.

有5000億美元的估值，有些人質疑公開上市的必要性。一位用戶建議，如果Tether要公開，他們可能會分別拆除一個由美國監管的實體拆下，並保持核心業務私密。普遍的觀點是，系tether不需要資本來產生收入。

A Word from the Top: Tether's Official Stance

頂部的一句話：繫繩的官方立場

Despite the speculation, Tether CEO Paolo Ardoino stated in June that the company has no intention of going public, expressing confidence in its current private structure. More recently, in September, Ardoino reiterated that Tether doesn't plan to go public because it doesn't need the capital, citing the company's $13.7 billion profit last year.

儘管有猜測，繫繩首席執行官保羅·阿多諾（Paolo Ardoino）在6月表示，該公司無意公開，對當前的私人結構表示信心。最近，在9月份，阿多利諾（Ardoino）重申，特特（Tether）不打算公開，因為它不需要資本，理由是該公司去年的137億美元利潤。

Tether also plans to launch a U.S.-regulated dollar-backed stablecoin called USAT, led by former White House Crypto Council executive Bo Hines, aiming to become "the largest player in the U.S. market," serving the underbanked and enterprise clients.

Tether還計劃推出由前白宮加密委員會執行官Bo Hines領導的由美國監管的美元支持的Stablecoin，旨在成為“美國市場上最大的球員”，為靠近銀行和企業客戶提供服務。

Arthur Hayes' Bitcoin Prediction: A $3.4 Million Dream?

亞瑟·海斯（Arthur Hayes）的比特幣預測：340萬美元的夢想？

Beyond the Tether IPO buzz, Arthur Hayes also shared his analysis on Bitcoin's potential trajectory, suggesting it could climb towards $3.4 million by 2028. This is based on a policy-driven model considering fiscal expansion, liquidity growth, and investor demand under a potential Trump administration. While Hayes doesn't necessarily believe Bitcoin will reach $3.4 million, he emphasizes the importance of understanding the direction of policy.

除了繫繩IPO的嗡嗡聲外，亞瑟·海斯（Arthur Hayes）還分享了他對比特幣潛在軌蹟的分析，這表明到2028年，它可能會攀升至340萬美元。這是基於政策驅動的模式，考慮到財政擴張，流動性增長以及在潛在的特朗普政府下的投資者需求。儘管海斯不一定相信比特幣將達到340萬美元，但他強調了了解政策方向的重要性。

Final Thoughts

最後的想法

So, will Tether actually go public? Only time will tell. But one thing's for sure: Arthur Hayes knows how to stir the pot and get people talking. Whether it's IPO speculation or sky-high Bitcoin predictions, he keeps the crypto world on its toes. And honestly, isn't that half the fun? Now, if you'll excuse me, I'm off to daydream about what I'd do with $3.4 million worth of Bitcoin... or maybe just a few USDT.

那麼，繫繩真的會公開嗎？只有時間會證明。但是可以肯定的是：亞瑟·海斯（Arthur Hayes）知道如何攪拌鍋並讓人們說話。無論是IPO猜測還是比特幣高空預測，他都將加密世界保持在其腳趾上。老實說，那不是一半的樂趣嗎？現在，如果您能原諒我，我會為自己做的340萬美元的比特幣做什麼，或者只有幾美元。