Th&ocirc;ng tin v&#7873; IPO (Ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u l&#7847;n &#273;&#7847;u ra c&ocirc;ng ch&uacute;ng) c&#7911;a Tether l&#7841;i n&#7893;i l&ecirc;n, l&#7847;n n&agrave;y &#273;&#432;&#7907;c lan truy&#7873;n b&#7903;i &#273;&#7891;ng s&aacute;ng l&#7853;p v&agrave; c&#7921;u CEO c&#7911;a BitMEX, Arthur Hayes.
N&oacute; xoay quanh &#273;&#7883;nh gi&aacute; c&#7911;a nh&agrave; ph&aacute;t h&agrave;nh stablecoin, m&agrave; m&#7897;t s&#7889; ng&#432;&#7901;i cho r&#7857;ng c&oacute; th&#7875; s&aacute;nh ngang v&#7899;i c&aacute;c c&ocirc;ng ty n&#7893;i ti&#7871;ng nh&#432; SpaceX, OpenAI, Costco v&agrave; Coca-Cola.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-is-tether-considering-going-public">Tether c&oacute; &#273;ang c&acirc;n nh&#7855;c vi&#7879;c ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u ra c&ocirc;ng ch&uacute;ng?</h2>

Theo Arthur Hayes, vi&#7879;c Tether ra c&ocirc;ng ch&uacute;ng c&oacute; th&#7875; l&agrave; d&#7845;u ch&#7845;m h&#7871;t cho Circle sau khi <a href="https://vn.beincrypto.com/circle-files-for-ipo/" target="_blank" rel="noreferrer noopener">nh&agrave; ph&aacute;t h&agrave;nh stablecoin USDC IPO</a>. BeInCrypto &#273;&atilde; b&aacute;o c&aacute;o v&#7873; <a href="https://vn.beincrypto.com/circle-ipo-raises-targets-success-plasma/" target="_blank" rel="noreferrer noopener">th&agrave;nh c&ocirc;ng c&#7911;a IPO c&#7911;a Circle</a>, sau khi c&ocirc;ng ty n&agrave;y n&acirc;ng m&#7913;c tr&#7847;n cho IPO c&#7911;a m&igrave;nh, ban &#273;&#7847;u &#273;&atilde; &#273;&#432;&#7907;c &#273;&#259;ng k&yacute; v&#432;&#7907;t m&#7913;c 25 l&#7847;n.
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&ldquo;Ti&#7871;p theo l&agrave; IPO t&#7841;i M&#7929;. T&#7841;m bi&#7879;t Circle,&rdquo; <a href="https://x.com/CryptoHayes/status/1970681196935029219" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a> Hayes.
</blockquote>

L&#7901;i nh&#7853;n x&eacute;t n&agrave;y xu&#7845;t hi&#7879;n sau khi c&oacute; th&ocirc;ng tin r&#7857;ng Tether &#273;ang t&igrave;m ki&#7871;m ngu&#7891;n v&#7889;n v&#7899;i &#273;&#7883;nh gi&aacute; 500 t&#7927; USD. &#272;&#432;&#7907;c bi&#7871;t, Tether &#273;ang &#273;&agrave;m ph&aacute;n v&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; &#273;&#7875; huy &#273;&#7897;ng t&#7899;i 20 t&#7927; USD.
Th&#7887;a thu&#7853;n n&agrave;y c&oacute; th&#7875; &#273;&#432;a nh&agrave; ph&aacute;t h&agrave;nh stablecoin v&agrave;o h&agrave;ng ng&#361; cao nh&#7845;t c&#7911;a c&aacute;c c&ocirc;ng ty t&#432; nh&acirc;n c&oacute; gi&aacute; tr&#7883; nh&#7845;t th&#7871; gi&#7899;i, nh&#432; OpenAI v&agrave; SpaceX c&#7911;a Elon Musk.
Theo CEO c&#7911;a Tether, Paolo Ardoino, c&ocirc;ng ty &#273;ang xem x&eacute;t huy &#273;&#7897;ng v&#7889;n t&#7915; m&#7897;t nh&oacute;m c&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&#7893;i ti&#7871;ng. S&#7889; ti&#7873;n &#273;&#7841;t &#273;&#432;&#7907;c s&#7869; &#273;&#432;&#7907;c s&#7917; d&#7909;ng &#273;&#7875; t&#7889;i &#273;a h&oacute;a chi&#7871;n l&#432;&#7907;c c&#7911;a c&ocirc;ng ty tr&ecirc;n nhi&#7873;u l&#297;nh v&#7921;c kinh doanh kh&aacute;c nhau.
Trong khi &#273;&oacute;, c&aacute;c th&agrave;nh vi&ecirc;n c&#7897;ng &#273;&#7891;ng th&#7845;y &#273;&#7897;ng th&aacute;i c&#7911;a Tether l&agrave; m&#7897;t c&#417; h&#7897;i huy &#273;&#7897;ng v&#7889;n khi &#273;&ograve;n b&#7849;y v&agrave; gi&aacute; tr&#7883; th&#7883; tr&#432;&#7901;ng c&#7911;a h&#7885; v&#7851;n &#273;ang &#7903; &#273;&#7881;nh cao.
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&ldquo;&hellip;&#273;i&#7873;u g&igrave; s&#7869; x&#7843;y ra n&#7871;u l&#7907;i su&#7845;t gi&#7843;m xu&#7889;ng 2%,&rdquo; <a href="https://x.com/RaoulGMI/status/1970683553248932137" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7863;t c&acirc;u h&#7887;i</a> nh&agrave; &#273;&#7847;u t&#432; v&#297; m&ocirc; to&agrave;n c&#7847;u Raoul Pal.
</blockquote>

&#272;&aacute;ng ch&uacute; &yacute;, &#273;&acirc;y kh&ocirc;ng ph&#7843;i l&agrave; l&#7847;n &#273;&#7847;u ti&ecirc;n c&oacute; tin &#273;&#7891;n v&#7873; m&#7897;t IPO ti&#7873;m n&#259;ng c&#7911;a Tether. V&agrave;o th&aacute;ng 06, c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch th&#7883; tr&#432;&#7901;ng &#273;&atilde; <a href="https://beincrypto.com/tether-ipo-discussion-500-billion-valuation/" target="_blank" rel="noreferrer noopener">&#273;&#7883;nh gi&aacute; g&atilde; kh&#7893;ng l&#7891; stablecoin &#7903; m&#7913;c 515 t&#7927; USD</a>.
Jon Ma, m&#7897;t ng&#432;&#7901;i x&acirc;y d&#7921;ng tr&ecirc;n Artemis, cho bi&#7871;t r&#7857;ng &#273;&#7883;nh gi&aacute; nh&#432; v&#7853;y s&#7869; khi&#7871;n Tether tr&#7903; th&agrave;nh c&ocirc;ng ty c&oacute; gi&aacute; tr&#7883; th&#7913; 19 tr&ecirc;n to&agrave;n c&#7847;u.
M&#7863;c d&ugrave; c&oacute; d&#7921; b&aacute;o l&#7841;c quan, Ardoino &#273;&atilde; l&agrave;m r&otilde; v&agrave;o th&aacute;ng 06 r&#7857;ng Tether kh&ocirc;ng c&oacute; &yacute; &#273;&#7883;nh ra c&ocirc;ng ch&uacute;ng, th&#7875; hi&#7879;n s&#7921; t&#7921; tin v&agrave;o c&#7845;u tr&uacute;c v&agrave; h&#432;&#7899;ng &#273;i hi&#7879;n t&#7841;i c&#7911;a c&ocirc;ng ty.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-tether-s-prospective-ipo-against-circle-s-public-listing">IPO ti&#7873;m n&#259;ng c&#7911;a Tether so v&#7899;i vi&#7879;c ni&ecirc;m y&#7871;t c&ocirc;ng khai c&#7911;a Circle</h2>

M&#7897;t ph&acirc;n t&iacute;ch v&#7873; IPO ti&#7873;m n&#259;ng c&#7911;a Tether so v&#7899;i vi&#7879;c ni&ecirc;m y&#7871;t c&ocirc;ng khai c&#7911;a Circle nh&#7845;n m&#7841;nh quan &#273;i&#7875;m c&#7911;a Arthur Hayes.
Nh&#432; &#273;&atilde; ch&#7881; ra, Tether d&#7921; &#273;&#7883;nh huy &#273;&#7897;ng 20 t&#7927; USD v&#7899;i &#273;&#7883;nh gi&aacute; 500 t&#7927; USD. Trong khi &#273;&oacute;, v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a Circle kho&#7843;ng 35 t&#7927; USD, t&#7841;o ra s&#7921; ch&ecirc;nh l&#7879;ch 14 l&#7847;n.
Trong khi &#273;&oacute;, stablecoin USDT c&#7911;a Tether c&oacute; v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng 173 t&#7927; USD, kho&#7843;ng 2.3 l&#7847;n so v&#7899;i USDC c&#7911;a Circle (73.6 t&#7927; USD).
<img style="height:400px;width:640px;" decoding="async" alt="Stablecoins by market cap size" class="wp-image-752138 lazy" style="width:1024px;height:auto" loading="lazy" src="https://assets.beincrypto.com/img/ORsdh1pGFuZJ1l9JYmqHgKIZybk=/smart/1d76bccc11d041fd9d25a33c03ecdd78">Stablecoins theo k&iacute;ch th&#432;&#7899;c v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng. Ngu&#7891;n: <a href="https://defillama.com/stablecoins" target="_blank" rel="noreferrer noopener nofollow">DefiLlama</a>

T&#432;&#417;ng t&#7921;, Tether l&agrave; m&#7897;t ho&#7841;t &#273;&#7897;ng c&oacute; l&#7907;i nhu&#7853;n &#273;&aacute;ng k&#7875; h&#417;n Circle. &#272;i&#7873;u n&agrave;y m&#7897;t ph&#7847;n do th&#7887;a thu&#7853;n chia s&#7867; doanh thu c&#7911;a Circle v&#7899;i <a href="https://beincrypto.com/learn/coinbase-review" target="_blank" rel="noreferrer noopener">s&agrave;n giao d&#7883;ch Coinbase</a> tr&ecirc;n m&#7897;t ph&#7847;n l&#7899;n USDC c&#7911;a m&igrave;nh.
Kh&ocirc;ng gi&#7889;ng nh&#432; vi&#7879;c ph&acirc;n ph&#7889;i USDT c&#7911;a Tether tr&ecirc;n th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u, Circle ph&#7843;i ph&#7909; thu&#7897;c nhi&#7873;u v&agrave;o Coinbase &#273;&#7875; di chuy&#7875;n USDC &#7903; quy m&ocirc; l&#7899;n. Th&#7887;a thu&#7853;n n&agrave;y l&agrave;m gi&#7843;m &#273;&aacute;ng k&#7875; l&#7907;i nhu&#7853;n c&#7911;a Circle so v&#7899;i Tether, c&ocirc;ng ty kh&ocirc;ng ph&#7843;i tr&#7843; ti&#7873;n cho vi&#7879;c ph&acirc;n ph&#7889;i c&#7911;a m&igrave;nh.
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&ldquo;&hellip;khi &#273;&aacute;nh gi&aacute; m&#7897;t kho&#7843;n &#273;&#7847;u t&#432; v&agrave;o nh&agrave; ph&aacute;t h&agrave;nh stablecoin, [b&#7841;n ph&#7843;i t&#7921; h&#7887;i] h&#7885; s&#7869; ph&acirc;n ph&#7889;i s&#7843;n ph&#7849;m c&#7911;a m&igrave;nh nh&#432; th&#7871; n&agrave;o?&rdquo; Hayes <a href="https://cryptohayes.substack.com/p/assume-the-position" target="_blank" rel="noreferrer noopener nofollow">l&#432;u &yacute;</a> trong m&#7897;t blog g&#7847;n &#273;&acirc;y.
</blockquote>

Trong khi <a href="https://vn.beincrypto.com/why-did-circles-stock-rise-despite-posting-a-loss-in-q2-earnings/" target="_blank" rel="noreferrer noopener">Circle thua l&#7895;</a>, Tether &#273;&atilde; t&#7841;o ra kho&#7843;ng <a href="https://vn.beincrypto.com/tether-usdt-us-treasury-purchase-quaterly-report/" target="_blank" rel="noreferrer noopener">5 t&#7927; USD trong qu&yacute; 2 n&#259;m 2025</a>. Trong &#273;&oacute;, 3.1 t&#7927; USD l&agrave; thu nh&#7853;p &#273;&#7883;nh k&#7923; (d&#7921;a tr&ecirc;n l&#7907;i su&#7845;t).
Lo&#7841;i tr&#7915; l&#7907;i nhu&#7853;n MTM (&#273;&aacute;nh gi&aacute; theo th&#7883; tr&#432;&#7901;ng), &#273;&#7883;nh gi&aacute; 500 t&#7927; USD c&#7911;a Tether l&agrave; 40 l&#7847;n so v&#7899;i t&#7927; l&#7879; P/E (gi&aacute; tr&ecirc;n thu nh&#7853;p) h&agrave;ng n&#259;m c&#7911;a qu&yacute; tr&#432;&#7899;c. Do &#273;&oacute;, c&oacute; th&#7875; kh&ocirc;ng c&#7847;n thi&#7871;t &#273;&#7875; Tether t&igrave;m ki&#7871;m vi&#7879;c ni&ecirc;m y&#7871;t c&ocirc;ng khai.
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&ldquo;&hellip;n&#7871;u h&#7885; l&agrave;m v&#7853;y, t&ocirc;i ngh&#297; r&#7857;ng c&aacute;c nh&agrave; s&aacute;ng l&#7853;p s&#7869; t&igrave;m c&aacute;ch t&aacute;ch ri&ecirc;ng m&#7897;t th&#7921;c th&#7875; &#273;&#432;&#7907;c qu&#7843;n l&yacute; t&#7841;i M&#7929; v&agrave; gi&#7919; ph&#7847;n kinh doanh kh&ocirc;ng c&ocirc;ng khai,&rdquo; m&#7897;t ng&#432;&#7901;i d&ugrave;ng <a href="https://x.com/origoinvest/status/1970644140456341738" target="_blank" rel="noreferrer noopener nofollow">l&#432;u &yacute;</a>.
</blockquote>

Trong b&#7889;i c&#7843;nh n&agrave;y, c&#7843;m gi&aacute;c chung l&agrave; l&yacute; do kh&ocirc;ng th&#7875; li&ecirc;n quan &#273;&#7871;n nhu c&#7847;u c&#7847;n th&ecirc;m ti&#7873;n &#273;&#7875; t&#7841;o ra c&aacute;c ngu&#7891;n thu nh&#7853;p kh&aacute;c.
Tuy nhi&ecirc;n, &#273;&aacute;ng ch&uacute; &yacute; l&agrave; v&#7851;n c&ograve;n nhi&#7873;u c&acirc;u h&#7887;i ch&#432;a &#273;&#432;&#7907;c gi&#7843;i &#273;&aacute;p v&#7873; l&#7907;i nhu&#7853;n v&agrave; c&aacute;c kho&#7843;n &#273;&#7847;u t&#432; c&#7911;a Tether.

Arthur Hayes làm dấy lên đồn đoán về IPO của Tether giữa lúc có tin đồn định giá 500 tỷ USD

Th&ocirc;ng tin v&#7873; IPO (Ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u l&#7847;n &#273;&#7847;u ra c&ocirc;ng ch&uacute;ng) c&#7911;a Tether l&#7841;i n&#7893;i l&ecirc;n, l&#7847;n n&agrave;y &#273;&#432;&#7907;c lan truy&#7873;n b&#7903;i &#273;&#7891;ng s&aacute;ng l&#7853;p v&agrave; c&#7921;u CEO c&#7911;a BitMEX, Arthur Hayes.
N&oacute; xoay quanh &#273;&#7883;nh gi&aacute; c&#7911;a nh&agrave; ph&aacute;t h&agrave;nh stablecoin, m&agrave; m&#7897;t s&#7889; ng&#432;&#7901;i cho r&#7857;ng c&oacute; th&#7875; s&aacute;nh ngang v&#7899;i c&aacute;c c&ocirc;ng ty n&#7893;i ti&#7871;ng nh&#432; SpaceX, OpenAI, Costco v&agrave; Coca-Cola.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-is-tether-considering-going-public">Tether c&oacute; &#273;ang c&acirc;n nh&#7855;c vi&#7879;c ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u ra c&ocirc;ng ch&uacute;ng?</h2>

Theo Arthur Hayes, vi&#7879;c Tether ra c&ocirc;ng ch&uacute;ng c&oacute; th&#7875; l&agrave; d&#7845;u ch&#7845;m h&#7871;t cho Circle sau khi <a href="https://vn.beincrypto.com/circle-files-for-ipo/" target="_blank" rel="noreferrer noopener">nh&agrave; ph&aacute;t h&agrave;nh stablecoin USDC IPO</a>. BeInCrypto &#273;&atilde; b&aacute;o c&aacute;o v&#7873; <a href="https://vn.beincrypto.com/circle-ipo-raises-targets-success-plasma/" target="_blank" rel="noreferrer noopener">th&agrave;nh c&ocirc;ng c&#7911;a IPO c&#7911;a Circle</a>, sau khi c&ocirc;ng ty n&agrave;y n&acirc;ng m&#7913;c tr&#7847;n cho IPO c&#7911;a m&igrave;nh, ban &#273;&#7847;u &#273;&atilde; &#273;&#432;&#7907;c &#273;&#259;ng k&yacute; v&#432;&#7907;t m&#7913;c 25 l&#7847;n.
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&ldquo;Ti&#7871;p theo l&agrave; IPO t&#7841;i M&#7929;. T&#7841;m bi&#7879;t Circle,&rdquo; <a href="https://x.com/CryptoHayes/status/1970681196935029219" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a> Hayes.
</blockquote>

L&#7901;i nh&#7853;n x&eacute;t n&agrave;y xu&#7845;t hi&#7879;n sau khi c&oacute; th&ocirc;ng tin r&#7857;ng Tether &#273;ang t&igrave;m ki&#7871;m ngu&#7891;n v&#7889;n v&#7899;i &#273;&#7883;nh gi&aacute; 500 t&#7927; USD. &#272;&#432;&#7907;c bi&#7871;t, Tether &#273;ang &#273;&agrave;m ph&aacute;n v&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; &#273;&#7875; huy &#273;&#7897;ng t&#7899;i 20 t&#7927; USD.
Th&#7887;a thu&#7853;n n&agrave;y c&oacute; th&#7875; &#273;&#432;a nh&agrave; ph&aacute;t h&agrave;nh stablecoin v&agrave;o h&agrave;ng ng&#361; cao nh&#7845;t c&#7911;a c&aacute;c c&ocirc;ng ty t&#432; nh&acirc;n c&oacute; gi&aacute; tr&#7883; nh&#7845;t th&#7871; gi&#7899;i, nh&#432; OpenAI v&agrave; SpaceX c&#7911;a Elon Musk.
Theo CEO c&#7911;a Tether, Paolo Ardoino, c&ocirc;ng ty &#273;ang xem x&eacute;t huy &#273;&#7897;ng v&#7889;n t&#7915; m&#7897;t nh&oacute;m c&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&#7893;i ti&#7871;ng. S&#7889; ti&#7873;n &#273;&#7841;t &#273;&#432;&#7907;c s&#7869; &#273;&#432;&#7907;c s&#7917; d&#7909;ng &#273;&#7875; t&#7889;i &#273;a h&oacute;a chi&#7871;n l&#432;&#7907;c c&#7911;a c&ocirc;ng ty tr&ecirc;n nhi&#7873;u l&#297;nh v&#7921;c kinh doanh kh&aacute;c nhau.
Trong khi &#273;&oacute;, c&aacute;c th&agrave;nh vi&ecirc;n c&#7897;ng &#273;&#7891;ng th&#7845;y &#273;&#7897;ng th&aacute;i c&#7911;a Tether l&agrave; m&#7897;t c&#417; h&#7897;i huy &#273;&#7897;ng v&#7889;n khi &#273;&ograve;n b&#7849;y v&agrave; gi&aacute; tr&#7883; th&#7883; tr&#432;&#7901;ng c&#7911;a h&#7885; v&#7851;n &#273;ang &#7903; &#273;&#7881;nh cao.
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&ldquo;&hellip;&#273;i&#7873;u g&igrave; s&#7869; x&#7843;y ra n&#7871;u l&#7907;i su&#7845;t gi&#7843;m xu&#7889;ng 2%,&rdquo; <a href="https://x.com/RaoulGMI/status/1970683553248932137" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7863;t c&acirc;u h&#7887;i</a> nh&agrave; &#273;&#7847;u t&#432; v&#297; m&ocirc; to&agrave;n c&#7847;u Raoul Pal.
</blockquote>

&#272;&aacute;ng ch&uacute; &yacute;, &#273;&acirc;y kh&ocirc;ng ph&#7843;i l&agrave; l&#7847;n &#273;&#7847;u ti&ecirc;n c&oacute; tin &#273;&#7891;n v&#7873; m&#7897;t IPO ti&#7873;m n&#259;ng c&#7911;a Tether. V&agrave;o th&aacute;ng 06, c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch th&#7883; tr&#432;&#7901;ng &#273;&atilde; <a href="https://beincrypto.com/tether-ipo-discussion-500-billion-valuation/" target="_blank" rel="noreferrer noopener">&#273;&#7883;nh gi&aacute; g&atilde; kh&#7893;ng l&#7891; stablecoin &#7903; m&#7913;c 515 t&#7927; USD</a>.
Jon Ma, m&#7897;t ng&#432;&#7901;i x&acirc;y d&#7921;ng tr&ecirc;n Artemis, cho bi&#7871;t r&#7857;ng &#273;&#7883;nh gi&aacute; nh&#432; v&#7853;y s&#7869; khi&#7871;n Tether tr&#7903; th&agrave;nh c&ocirc;ng ty c&oacute; gi&aacute; tr&#7883; th&#7913; 19 tr&ecirc;n to&agrave;n c&#7847;u.
M&#7863;c d&ugrave; c&oacute; d&#7921; b&aacute;o l&#7841;c quan, Ardoino &#273;&atilde; l&agrave;m r&otilde; v&agrave;o th&aacute;ng 06 r&#7857;ng Tether kh&ocirc;ng c&oacute; &yacute; &#273;&#7883;nh ra c&ocirc;ng ch&uacute;ng, th&#7875; hi&#7879;n s&#7921; t&#7921; tin v&agrave;o c&#7845;u tr&uacute;c v&agrave; h&#432;&#7899;ng &#273;i hi&#7879;n t&#7841;i c&#7911;a c&ocirc;ng ty.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-tether-s-prospective-ipo-against-circle-s-public-listing">IPO ti&#7873;m n&#259;ng c&#7911;a Tether so v&#7899;i vi&#7879;c ni&ecirc;m y&#7871;t c&ocirc;ng khai c&#7911;a Circle</h2>

M&#7897;t ph&acirc;n t&iacute;ch v&#7873; IPO ti&#7873;m n&#259;ng c&#7911;a Tether so v&#7899;i vi&#7879;c ni&ecirc;m y&#7871;t c&ocirc;ng khai c&#7911;a Circle nh&#7845;n m&#7841;nh quan &#273;i&#7875;m c&#7911;a Arthur Hayes.
Nh&#432; &#273;&atilde; ch&#7881; ra, Tether d&#7921; &#273;&#7883;nh huy &#273;&#7897;ng 20 t&#7927; USD v&#7899;i &#273;&#7883;nh gi&aacute; 500 t&#7927; USD. Trong khi &#273;&oacute;, v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a Circle kho&#7843;ng 35 t&#7927; USD, t&#7841;o ra s&#7921; ch&ecirc;nh l&#7879;ch 14 l&#7847;n.
Trong khi &#273;&oacute;, stablecoin USDT c&#7911;a Tether c&oacute; v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng 173 t&#7927; USD, kho&#7843;ng 2.3 l&#7847;n so v&#7899;i USDC c&#7911;a Circle (73.6 t&#7927; USD).
<img style="height:400px;width:640px;"decoding="async" alt="Stablecoins by market cap size" class="wp-image-752138 lazy" style="width:1024px;height:auto" loading="lazy" src="https://assets.beincrypto.com/img/ORsdh1pGFuZJ1l9JYmqHgKIZybk=/smart/1d76bccc11d041fd9d25a33c03ecdd78">Stablecoins theo k&iacute;ch th&#432;&#7899;c v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng. Ngu&#7891;n: <a href="https://defillama.com/stablecoins" target="_blank" rel="noreferrer noopener nofollow">DefiLlama</a>

T&#432;&#417;ng t&#7921;, Tether l&agrave; m&#7897;t ho&#7841;t &#273;&#7897;ng c&oacute; l&#7907;i nhu&#7853;n &#273;&aacute;ng k&#7875; h&#417;n Circle. &#272;i&#7873;u n&agrave;y m&#7897;t ph&#7847;n do th&#7887;a thu&#7853;n chia s&#7867; doanh thu c&#7911;a Circle v&#7899;i <a href="https://beincrypto.com/learn/coinbase-review" target="_blank" rel="noreferrer noopener">s&agrave;n giao d&#7883;ch Coinbase</a> tr&ecirc;n m&#7897;t ph&#7847;n l&#7899;n USDC c&#7911;a m&igrave;nh.
Kh&ocirc;ng gi&#7889;ng nh&#432; vi&#7879;c ph&acirc;n ph&#7889;i USDT c&#7911;a Tether tr&ecirc;n th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u, Circle ph&#7843;i ph&#7909; thu&#7897;c nhi&#7873;u v&agrave;o Coinbase &#273;&#7875; di chuy&#7875;n USDC &#7903; quy m&ocirc; l&#7899;n. Th&#7887;a thu&#7853;n n&agrave;y l&agrave;m gi&#7843;m &#273;&aacute;ng k&#7875; l&#7907;i nhu&#7853;n c&#7911;a Circle so v&#7899;i Tether, c&ocirc;ng ty kh&ocirc;ng ph&#7843;i tr&#7843; ti&#7873;n cho vi&#7879;c ph&acirc;n ph&#7889;i c&#7911;a m&igrave;nh.
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&ldquo;&hellip;khi &#273;&aacute;nh gi&aacute; m&#7897;t kho&#7843;n &#273;&#7847;u t&#432; v&agrave;o nh&agrave; ph&aacute;t h&agrave;nh stablecoin, [b&#7841;n ph&#7843;i t&#7921; h&#7887;i] h&#7885; s&#7869; ph&acirc;n ph&#7889;i s&#7843;n ph&#7849;m c&#7911;a m&igrave;nh nh&#432; th&#7871; n&agrave;o?&rdquo; Hayes <a href="https://cryptohayes.substack.com/p/assume-the-position" target="_blank" rel="noreferrer noopener nofollow">l&#432;u &yacute;</a> trong m&#7897;t blog g&#7847;n &#273;&acirc;y.
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Trong khi <a href="https://vn.beincrypto.com/why-did-circles-stock-rise-despite-posting-a-loss-in-q2-earnings/" target="_blank" rel="noreferrer noopener">Circle thua l&#7895;</a>, Tether &#273;&atilde; t&#7841;o ra kho&#7843;ng <a href="https://vn.beincrypto.com/tether-usdt-us-treasury-purchase-quaterly-report/" target="_blank" rel="noreferrer noopener">5 t&#7927; USD trong qu&yacute; 2 n&#259;m 2025</a>. Trong &#273;&oacute;, 3.1 t&#7927; USD l&agrave; thu nh&#7853;p &#273;&#7883;nh k&#7923; (d&#7921;a tr&ecirc;n l&#7907;i su&#7845;t).
Lo&#7841;i tr&#7915; l&#7907;i nhu&#7853;n MTM (&#273;&aacute;nh gi&aacute; theo th&#7883; tr&#432;&#7901;ng), &#273;&#7883;nh gi&aacute; 500 t&#7927; USD c&#7911;a Tether l&agrave; 40 l&#7847;n so v&#7899;i t&#7927; l&#7879; P/E (gi&aacute; tr&ecirc;n thu nh&#7853;p) h&agrave;ng n&#259;m c&#7911;a qu&yacute; tr&#432;&#7899;c. Do &#273;&oacute;, c&oacute; th&#7875; kh&ocirc;ng c&#7847;n thi&#7871;t &#273;&#7875; Tether t&igrave;m ki&#7871;m vi&#7879;c ni&ecirc;m y&#7871;t c&ocirc;ng khai.
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&ldquo;&hellip;n&#7871;u h&#7885; l&agrave;m v&#7853;y, t&ocirc;i ngh&#297; r&#7857;ng c&aacute;c nh&agrave; s&aacute;ng l&#7853;p s&#7869; t&igrave;m c&aacute;ch t&aacute;ch ri&ecirc;ng m&#7897;t th&#7921;c th&#7875; &#273;&#432;&#7907;c qu&#7843;n l&yacute; t&#7841;i M&#7929; v&agrave; gi&#7919; ph&#7847;n kinh doanh kh&ocirc;ng c&ocirc;ng khai,&rdquo; m&#7897;t ng&#432;&#7901;i d&ugrave;ng <a href="https://x.com/origoinvest/status/1970644140456341738" target="_blank" rel="noreferrer noopener nofollow">l&#432;u &yacute;</a>.
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Trong b&#7889;i c&#7843;nh n&agrave;y, c&#7843;m gi&aacute;c chung l&agrave; l&yacute; do kh&ocirc;ng th&#7875; li&ecirc;n quan &#273;&#7871;n nhu c&#7847;u c&#7847;n th&ecirc;m ti&#7873;n &#273;&#7875; t&#7841;o ra c&aacute;c ngu&#7891;n thu nh&#7853;p kh&aacute;c.
Tuy nhi&ecirc;n, &#273;&aacute;ng ch&uacute; &yacute; l&agrave; v&#7851;n c&ograve;n nhi&#7873;u c&acirc;u h&#7887;i ch&#432;a &#273;&#432;&#7907;c gi&#7843;i &#273;&aacute;p v&#7873; l&#7907;i nhu&#7853;n v&agrave; c&aacute;c kho&#7843;n &#273;&#7847;u t&#432; c&#7911;a Tether.