Tether is in talks to raise $15B–$20B for a ~3% stake, a deal that could value the USDT issuer at up to $500B, Bloomberg reports. The private placement, advised by Cantor Fitzgerald, is still in its early stages, with final terms subject to change.

Bloomberg reported that Tether Holdings, issuer of the USDT stablecoin, has been in talks with investors about a very large private funding round that would imply one of the highest valuations in global private markets. According to people cited in that report, Tether has explored raising $15–$20 billion via a private placement of roughly 3% of its equity, implying a target valuation of around $500 billion and putting the El Salvador–based firm in the valuation range of major global tech and financial players. Cantor Fitzgerald has been acting as adviser on the deal, and the process has been described as at an early and flexible stage, with terms subject to change. The planned raise is notable because Tether has historically funded itself from profits and has not relied on traditional equity financing, yet it now appears to be testing institutional investor appetite at a valuation that would make it one of the world’s most valuable private companies. Reporting around the discussions indicates that investors have pushed back on the $500 billion valuation, leading advisers to consider scaling the potential raise down from the original $15–$20 billion range to as little as $5 billion, and later, in March 2025, Tether paused the round altogether while it undertakes its first comprehensive financial audit with a Big Four accounting firm. The episode highlights both the scale and profitability of Tether—backed by large holdings of U.S. Treasuries and substantial excess reserves—as well as ongoing scrutiny over transparency and governance in the stablecoin sector, where Tether remains the dominant issuer. "entities":["Tether Holdings","USDT","Tether (USDT issuer)","Cantor Fitzgerald","Bloomberg","Circle","U.S. Treasuries","Big Four accounting firms"]}`

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