Tether，IPO和Arthur Hayes：解码5000亿美元的估值嗡嗡声

亚瑟·海斯（Arthur Hayes）在潜在的5000亿美元估值中，重新点燃了系带IPO的猜测。是炒作还是改变稳定市场的游戏改变者？

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.

谣言厂再次用绳索IPO的耳语搅动，除了Bitmex联合创始人Arthur Hayes之外，没有其他东西。通过谈到潜在的5000亿美元估值，系tether可以成为下一个SpaceX或可口可乐吗？让我们潜入。

Arthur Hayes' Prediction: Tether IPO vs. Circle

亚瑟·海斯（Arthur Hayes）的预测：系绳IPO与圈子

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.

海耶斯大胆地预测，系绳IPO会为USDC Stablecoin发行人Circle拼写麻烦。这是在Circle成功的IPO之后，据报道，该IPO被超额认购25倍。海耶斯的评论是在报道说，泰瑟（Tether）以惊人的5000亿美元估值寻求资金，可能会筹集多达200亿美元。

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.

这一估值将使系绳陷入世界上最有价值的私营公司之中，与Openai和SpaceX等巨头竞争。 Tether首席执行官Paolo Ardoino已确认他们正在考虑从某些备受瞩目的投资者加薪，以扩大公司在包括Stablecoins，AI，Energy和Media在内的各种业务方面的战略。

Tether vs. Circle: A David and Goliath Story?

系绳与圈子：大卫和巨人的故事？

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.

将Tether的潜在IPO与Circle的公共列表进行比较，突出了规模的巨大差异。 Tether的目标是以5000亿美元的估值筹集200亿美元，而Circle的市值徘徊在约350亿美元。 Tether的USDT拥有1730亿美元的市值，比Circle的USDC大得多，价格为736亿美元。

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.

盈利能力是另一个关键区别。系绳在2025年第2季度产生了约50亿美元的收入，经常收入为31亿美元，而Circle面临损失。这部分是由于Circle与Coinbase的收入共享协议，与Tether不同，Tether不支付分销费用。海耶斯强调评估Stablecoin发行人时分配的重要性。

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

耗资5000亿美元的问题：系绳需要IPO吗？

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5000亿美元的估值，有些人质疑公开上市的必要性。一位用户建议，如果Tether要公开，他们可能会分别拆除一个由美国监管的实体拆下，并保持核心业务私密。普遍的观点是，系tether不需要资本来产生收入。

A Word from the Top: Tether's Official Stance

顶部的一句话：系绳的官方立场

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.

尽管有猜测，系绳首席执行官保罗·阿多诺（Paolo Ardoino）在6月表示，该公司无意公开，对当前的私人结构表示信心。最近，在9月份，阿多利诺（Ardoino）重申，特特（Tether）不打算公开，因为它不需要资本，理由是该公司去年的137亿美元利润。

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还计划推出由前白宫加密委员会执行官Bo Hines领导的由美国监管的美元支持的Stablecoin，旨在成为“美国市场上最大的球员”，为靠近银行和企业客户提供服务。

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

亚瑟·海斯（Arthur Hayes）的比特币预测：340万美元的梦想？

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.

除了系绳IPO的嗡嗡声外，亚瑟·海斯（Arthur Hayes）还分享了他对比特币潜在轨迹的分析，这表明到2028年，它可能会攀升至340万美元。这是基于政策驱动的模式，考虑到财政扩张，流动性增长以及在潜在的特朗普政府下的投资者需求。尽管海斯不一定相信比特币将达到340万美元，但他强调了了解政策方向的重要性。

Final Thoughts

最后的想法

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.

那么，系绳真的会公开吗？只有时间会证明。但是可以肯定的是：亚瑟·海斯（Arthur Hayes）知道如何搅拌锅并让人们说话。无论是IPO猜测还是比特币高空预测，他都将加密世界保持在其脚趾上。老实说，那不是一半的乐趣吗？现在，如果您能原谅我，我会为自己做的340万美元的比特币做什么，或者只有几美元。