BiyaPay Analyst: Circle's Listing Market Cap Reaches $45 Billion, Tether's Listing Could Push Market Cap Above $500 Billion

On June 21st, it is expected that Tether will achieve an EBITDA of $7.4 billion by 2025. Considering the valuation multiple of 69.3x of the publicly listed stablecoin issuer Circle (the parent company of USDC), Tether's potential valuation could reach as high as $515 billion. Currently, USDT has a market capitalization of approximately $155 billion and a global user base of 420 million, covering emerging markets and high-inflation countries and being widely used for savings and payments. Tether CEO Paolo Ardoino stated that USDT has become the most realistic alternative to the US dollar for users in countries such as Turkey and Argentina and has established offline service points in regions like Africa to promote stablecoin payments. In addition, Tether has also invested in areas such as agriculture, AI, and brain-machine interfaces, laying the groundwork for the future digital economic infrastructure. On the other hand, the recently listed USDC from Circle (CRCL.US) currently has a market capitalization of around $45 billion. Although it has stronger compliance, its market share still lags far behind USDT. With the progress of the "Stablecoin Innovation Act" legislation in the United States, the future competitive landscape of stablecoins may undergo a new round of changes.