Tether, the company behind the world’s largest stablecoin, USDT, is reportedly considering a fundraising round that could reach $20 billion, potentially valuing the firm at around $500 billion.
According to a Sept. 23 report by CNBC, Tether is in early talks with a select group of high-profile investors, citing sources familiar with the matter. CEO Paolo Ardoino later confirmed on X that the company is “evaluating a raise” aimed at expanding its strategy across stablecoins, artificial intelligence, commodity trading, energy, communications, and media.
The planned fundraising would involve issuing new equity rather than selling existing stakes.
Targeting a Massive Valuation
If completed, the deal would position Tether among the world’s most valuable private companies, alongside SpaceX and OpenAI. Sources cautioned, however, that discussions are still in preliminary stages and the final amount raised could be lower. Cantor Fitzgerald is advising on the deal, with some investors already accessing a data room for due diligence. A potential closing is expected by the end of the year.
The scale of the raise comes amid Tether’s remarkable financial growth. In Q2 2025, the company reported $4.9 billion in net profits and held $162.5 billion in reserves against $157.1 billion in liabilities. USDT’s market capitalization has surged to $172 billion, far surpassing its nearest competitor, Circle’s USD Coin, which stands at $74 billion.
U.S. Expansion Strategy
The fundraising push coincides with Tether’s efforts to strengthen its presence in the U.S. Earlier this month, the company appointed a CEO for its U.S. division and unveiled USAT, a dollar-backed stablecoin to be regulated under the GENIUS Act. Tether has also pledged to allocate part of its profits toward Bitcoin (BTC) purchases as part of a broader diversification strategy.
A $500 billion valuation would mark a major milestone for Tether and the stablecoin market, while also likely attracting renewed scrutiny over the company’s reserve transparency.
