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Tether, the company behind USDt, is reportedly looking to raise up to $20 billion. If successful, it could hit a $500 billion valuation — placing it among the most valuable private firms on the planet.
Bloomberg reports that Tether is considering selling around 3% of its shares in a private deal. Cantor Fitzgerald is said to be advising the raise. Insiders warn the final amount might end up lower, as talks are still early.
For context, OpenAI has also been floated at the same $500 billion mark. But while OpenAI dominates headlines, Tether has quietly become a profit machine. It pulled in $4.9 billion in Q2 alone, with $5.7 billion so far this year. Not bad for a company most people couldn’t pick out of a lineup.
Meanwhile, Bo Hines, CEO of Tether’s U.S. arm, recently told a Seoul audience that no new funding was planned. That hasn’t stopped speculation about the raise.
Tether still leads the stablecoin race, with $172.8 billion in circulation — about 56% of the global market. Stablecoins are gaining adoption for payments, access to finance, and blockchain entry. The U.S. recently passed the GENIUS bill to give issuers clear rules, aiming to cement dollar dominance.
Circle, the issuer of rival USDC, went public earlier this year and hit $33 billion in value. That’s tiny compared to what Tether is chasing.
