Stablecoin leader Tether is seeking to raise $15-20 billion through a private placement for approximately 3% company ownership, according to Bloomberg sources familiar with the matter.
This substantial capital raise would value Tether at approximately $500 billion, placing it among elite companies like OpenAI and SpaceX. The company plans to issue new equity with Cantor Fitzgerald serving as lead financial advisor.
Tether's USDT maintains its dominant position as the largest stablecoin with a market capitalization of $172.8 billion. Competitor Circle, recently public in the U.S., issues USDC which holds the second-largest stablecoin market cap at $74 billion based on CoinMarketCap data.
The funding initiative follows Tether's strong Q2 performance showing $4.9 billion net profit with $162.5 billion in reserves against $157.1 billion in liabilities. Notably, Tether's reserves include approximately $8.9 billion in Bitcoin holdings.
Bloomberg notes that discussions remain in preliminary stages and final raise amounts could be substantially lower. Potential investors have recently gained access to confidential data rooms to advance deal negotiations.
CoinDesk has reached out to Tether for official comment regarding the fundraising plans.