In an April interview, Tether CEO Paolo Ardoino criticized competitor Circle, claiming its business model was flawed and it was not profitable. Ardoino noted that Circle's focus on institutional adoption was short-sighted and referred to their financial disclosures as unimpressive. However, Circle’s IPO successfully exceeded expectations on Wall Street, seeing its stock price triple from its $31 target, which significantly increased its market capitalization to over $19 billion. Ardoino dismissed rival claims about Tether's regulatory compliance as insincere, emphasizing that Tether remains a leader in the stablecoin market and that competitors will struggle to match its distribution. He described their attempts to compete as akin to trying to build another Amazon from scratch. Circle’s CEO Jeremy Allaire celebrated the IPO as a testament to their commitment to regulatory compliance and transparency.

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