Tether, the company behind the world’s largest stablecoin, is reportedly preparing one of the biggest private raises in crypto history. According to multiple reports, the firm is seeking between $15 billion and $20 billion through a private placement that would value it at around $500 billion, a level that would put it in the same league as global giants like OpenAI and SpaceX.

The talks are still at an early stage, but prospective investors have been granted access to a data room over the past few weeks to review Tether’s financials. If successful, this raise could make Tether one of the most valuable private entities in the world and further cement its role as a critical player in the digital asset ecosystem.

How the Deal Could Play Out

Bloomberg first reported that Tether is seeking a $15–20B raise in exchange for roughly 3% of the company’s equity. Cantor Fitzgerald is said to be advising on the deal. People close to the discussions have cautioned that the final number could be lower since the negotiations are still evolving.

At the top end of the range, a $15B raise would imply a $500B valuation, an extraordinary figure that would place Tether ahead of some of the world’s biggest consumer brands by market cap.

The Financials Behind the Valuation

Tether’s financial performance appears to be a key driver behind the lofty valuation target. The company reported $4.9B in net profit during Q2 2025 alone and holds more than $162.5B in reserves against $157.1B in liabilities, according to its latest attestation. These reserves include approximately $106B in U.S. Treasury bills, as well as holdings in gold and Bitcoin, making Tether one of the largest holders of U.S. government debt globally.

The stablecoin issuer earns revenue primarily by collecting interest on these assets. With stablecoin adoption continuing to grow worldwide, analysts argue that Tether’s earnings power could justify the valuation when compared with public companies using EBITDA multiples.

Staying Private Despite IPO Speculation

Tether’s leadership has so far rejected calls to go public. CEO Paolo Ardoino has stated that there is “no need to go public”, signaling confidence in Tether’s ability to grow without the additional scrutiny and regulatory burdens that come with a listing.

This decision stands in contrast with Circle, the issuer of USDC, which went public earlier this year. Circle’s IPO highlighted both the opportunities and challenges that come with operating as a regulated public company. By staying private, Tether seems intent on maintaining flexibility while continuing to scale.

Also read: Tether Unveils USAT Stablecoin, Taps Bo Hines as CEO of US Arm

Why This Raise Matters

A successful raise of this size would further solidify Tether’s position as the dominant stablecoin issuer, with USDT currently holding a market cap of around $172.8B, over twice that of its nearest competitor, USDC. It would also send a strong signal to institutional investors that stablecoins are becoming a core part of global finance.

However, some skeptics warn that such a high valuation might be difficult to sustain, pointing to ongoing questions about reserve transparency and potential regulatory headwinds. For now, though, the deal represents a major moment for both Tether and the broader crypto industry.

Closing Thoughts

Tether’s move to raise up to $20B for a $500B valuation could mark a turning point in how private crypto companies are viewed by global markets. If completed, it would not only affirm Tether’s financial strength but also highlight the growing importance of stablecoins in bridging traditional finance and digital assets. Whether this valuation holds will depend on Tether’s ability to maintain trust, keep reserves strong, and navigate regulatory scrutiny, but the half-a-trillion-dollar target has already put Tether in the spotlight.