Tether Holdings, issuer of the USDT stablecoin, is in early discussions with investors to raise up to US$20 billion through a private placement, according to sources cited by Bloomberg.

The El Salvador-based company is reportedly seeking US$15 billion to US$20 billion for about a 3% stake, which could value Tether at around US$500 billion, though final terms may change.

Tether’s USDT, pegged to the US dollar, is the largest stablecoin with a market value of US$172 billion, far ahead of Circle’s USDC at US$74 billion.

Sources said Cantor Fitzgerald is advising on the potential deal, which would involve new equity rather than existing shares.

Bo Hines, Tether’s strategic adviser, said at a Seoul conference that the company has no current fundraising plans.

Tether has recently taken steps to re-enter the US market after past regulatory issues, including a US$41 million settlement in 2021.

Investors have been given access to information as the company aims to close the deal by year-end.

🔗 Source: Bloomberg

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