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Source: Galaxy; Compilation: Bitchain Vision
Tether, the world’s largest stablecoin issuer, is negotiating to raise $15 billion to $20 billion through private equity, a move that will bring the company’s valuation to about $500 billion, Bloomberg reported on Tuesday.
Tether CEO Paolo Ardoino confirmed the possibility of the financing on Twitter on Wednesday, saying the company is “evaluating the possibility of obtaining financing from some well-known key investors to expand the strategic scale of all the company’s existing and new business lines (stablecoins, universal distribution, artificial intelligence, commodity trading, energy, communications, media).
Before the announcement,Tether is expanding actively and has made a series of progress:
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On September 25, Plasma was officially launched.Plasma is a stablecoin-optimized Layer-1 protocol supported by Bitfinex, the sister exchange of Tether, with Ardoino serving as the seed round investor.Plasma is designed to be the scalable settlement layer for Tether products.
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On September 24, Tether announced the hiring of Benjamin Habbel as chief commercial officer.Habbel previously founded Limestone Capital, a $1 billion private equity firm.
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On September 12, Tether announced plans to launch USAT, a US-regulated, dollar-backed stablecoin with former presidential digital assets task force CEO Bo Hines.
Tether’s flagship stablecoin, USDT, has nearly fivefolded supply since the beginning of 2023 to more than $170 billion.
Although not finalized,If Tether reaches $500 billion, it will make it one of the world’s largest private companies, along with technology innovation giants OpenAI and SpaceX.The deal is expected to close by the end of the year, Bloomberg reported.
Galaxy’s opinion:
What are the most valuable assets in cryptocurrencies today?One is obviously Bitcoin, it is highly volatile and prone to speculative rises, but it is also an asset worth trillions of dollars, increasingly used as a tool to hedge against the depreciation of fiat currency.
Now,Another possible Tether——Not USDT, but the company behind it.This stablecoin itself can be seen as an opposite of BTC: a non-volatility, USD-pegged payment method that has become the backbone of global cryptocurrency liquidity.
This comparison helps explain why Tether seeks an valuation on par with the world’s leading tech innovators.The value of Bitcoin comes from scarcity and market confidence, while the value of Tether comes from stability and scale, its quarterly profit is close to $5 billion, and its high profit margins will even make hedge funds ashamed.In fact, if stablecoins are really expected to become the new track in global finance and commerce, Tether will be the most likely to benefit from it.
therefore,The $15-20 billion financing may be more for influence than for cash——When cryptocurrency giants can no longer afford to operate in the gray zone, it is about recruiting partners and establishing legitimacy.
Two models of stablecoin legality are emerging.1.Circle’s IPO this year puts transparency at the heart of its publicity.2. In contrast,Tether appears to be using private capital and influence to consolidate its dominance.It may also aim to enhance credibility in situations where people have long doubts about their reserves and corporate structure.Tether’s recently released second-quarter 2025 proof confirms that more than $157 billion of USDT was issued, backed by $127 billion in U.S. Treasury bonds and $35 billion in other assets.But the company’s size and influence in the industry still lead to many skeptics calling for a completely independent audit rather than proof.
The financing announcement also strengthens Tether’s transformation, making it more than just a stablecoin issuer.In addition to tokenizing the dollar on-chain, Tether wants to ensure that these dollars are circulated with the minimum friction possible.The company stressed that artificial intelligence, telecommunications, Bitcoin mining and energy, cloud computing, real estate, and even neurotech are other areas of its expansion, aiming to build a “resilient long-term infrastructure” for the digital asset economy.In 2023, Tether invested more than $600 million in Northern Data to build AI infrastructure.In 2024, Tether spent $200 million to acquire a majority stake in Blackrock Neurotech to promote the development of brain-computer interfaces.
Whether this diversity is strategic vision or a futile mission deviation,It all demonstrates Tether’s intention: not only to become a stablecoin issuer, but also an institution with influence in technology, energy and global finance.
Whether the financing ends at a valuation of $500 billion, this ambition has been consolidated.
