Tether is seeking to raise between $15 billion and $20 billion for a 3% stake in the company through a private placement, according to Bloomberg. This funding initiative would increase Tether's valuation to around $500 billion, placing it alongside companies like OpenAI and SpaceX. Recently, Tether reported a net profit of $4.9 billion in the second quarter, boasting $162.5 billion in reserves against $157.1 billion in liabilities. The private placement's discussions are still in the early stages, with prospective investors having accessed a data room in recent weeks. The report indicates that Cantor Fitzgerald is serving as the lead adviser for the raise. Tether's USDT currently holds a market cap of approximately $172.8 billion, making it the largest stablecoin, well ahead of its closest competitor, USDC, with a market cap of $74 billion.

Source 🔗