Tether seeks up to $20bn to hit a $500bn valuation - Financial Times

The operator of the USDT stablecoin is negotiating a $15–20bn private raise that would value Tether at roughly $500bn, potentially placing it among the world’s most valuable privately held companies. The stake on offer is around 3%. 

According to the Financial Times

Management says proceeds will expand existing operations and fund new business lines. About $170bn of USDT is in circulation and the token serves nearly 500m global users; aided by interest on U.S. Treasuries backing reserves, Tether reported roughly $13.4bn in profit last year.

The round is being advised by Cantor Fitzgerald, which previously took a stake in Tether. The company continues to face regulatory scrutiny over reserves after U.S. fines in 2021, while the U.S. Treasury has signalled that major stablecoin issuers are becoming significant buyers of Treasuries—highlighting Tether’s growing systemic footprint.