Tether, the issuer of the world’s largest stablecoin USDT, is reportedly in talks to raise as much as $20 billion in a deal that could value the firm at a staggering $500 billion.
According to a Bloomberg report, the El Salvador–based issuer of USDT is seeking between $15 billion and $20 billion in a private placement for roughly a 3% stake.
Investment bank Cantor Fitzgerald is reportedly advising on the deal, while potential backers have been granted access to the company’s data. Sources cautioned that talks remain early and terms could shift, but a deal could close by the end of the year.
If successful, the valuation would put Tether in the same league as OpenAI and SpaceX, signaling the rapid rise of stablecoins from a niche corner of crypto into mainstream finance. The push comes at a time when U.S. lawmakers, under the Trump administration, have taken a more favorable stance toward digital dollars through the GENIUS Act, which legalized the issuance and trading of stablecoins.
Tether has recently signaled ambitions beyond USDT. In July, CEO Paolo Ardoino outlined plans for USAT, a U.S.-specific stablecoin to be led by former White House digital assets official Bo Hines.
The fundraising push follows a period of record profitability. Tether reported $5.7 billion in net profit in the first half of 2025 alone, with reserves backed by U.S. Treasuries, Bitcoin, and gold.
USDT, with a market capitalization of $172 billion, continues to dominate the sector, more than twice the size of its rival, Circle’s USDC.
Why This Matters
A $500 billion valuation would cement Tether’s role as a systemically significant player in global finance.
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People Also Ask:
A potential $500 billion valuation would place Tether among the most valuable private companies globally, highlighting the growing importance of stablecoins in finance.
Tether earns revenue mainly through interest on U.S. Treasuries, along with holdings in assets such as Bitcoin and gold.
Investor demand, regulatory developments like the GENIUS Act, and Tether’s profitability all contribute to how the market values the company.
Tether’s USDT has a market capitalization of around $172 billion, more than double Circle’s USDC at $74 billion.
Yes. A successful raise at $500 billion could attract more institutional attention to stablecoins and increase regulatory scrutiny of the sector.
