Tether Holdings, the issuer of the world's largest stablecoin USDT, is reportedly looking to raise up to $20 billion through a private placement that could elevate its valuation to $500 billion. This valuation aligns Tether with other tech giants like OpenAI and SpaceX, which have achieved similar figures. The fundraising aims for approximately a 3% stake in the company, with reports suggesting the goal is flexible and could change during ongoing discussions. Recent developments indicate a favorable political and regulatory environment in the U.S. for stablecoins, enhanced by recent legislation. Tether's CEO, Paolo Ardoino, has outlined plans for a U.S.-specific stablecoin to cater to different market needs. Investment bank Cantor Fitzgerald is advising on the fundraising deal, which could close by year-end. Tether demonstrated solid profitability with $5.7 billion net profits reported in the first half of the current year, bolstering its financial standing in the competitive blockchain landscape.

Source 🔗