Tether’s USDT coin now accounts for nearly 60% of all stablecoins|CC BY-NC 4.0
Tether Holdings SA is aiming high, targeting a $500 billion valuation as it seeks up to $20 billion in a private fundraising round, reports Bloomberg.
CEO Paolo Ardoino confirmed the firm plans to use the funds to expand into AI, commodity trading, and other ventures.
If successful, Tether would join rare private-market giants like OpenAI, SpaceX, and ByteDance, which have achieved valuations of $300 billion or more, according to CB Insights.
The stablecoin issuer has faced regulatory scrutiny and competition, but its USDT coin, the world’s largest stablecoin, remains the dominant one. It now accounts for nearly 60% of all stablecoins, with a circulation exceeding $170 billion.
Tether has turned USDT into a global payment tool, surpassing rivals like Circle, whose USDC coin holds a $31 billion market value.
Tether’s profits have surged, with a reported $4.9 billion in Q2 and an estimated 99% profit margin, thanks to its reserves in US Treasury bills.
While newcomers like PayPal and World Liberty have entered the market, Tether’s early lead and deep reserves keep it firmly at the forefront of stablecoin adoption.