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Tether targets $500B valuation in planned $20B raise, report says

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Tether, the world’s largest stablecoin issuer, is exploring a massive fundraising round that could value the company at $500 billion, according to Bloomberg News.

Fundraising details

  • Tether is seeking $15–20 billion through a private placement, offering roughly a 3% stake.

  • Sources cautioned the figures are top-end targets and could come in lower, depending on investor appetite and final terms.

  • CEO Paolo Ardoino confirmed in a post on X that the company is evaluating a raise from “a selected group of high-profile investors,” but gave no specifics.

Tether’s market position

  • USDT stablecoin: Pegged to the U.S. dollar, with a market cap of $173B (CoinGecko).

  • Dominates global stablecoin trading, enabling crypto-to-crypto transactions with reduced volatility.

  • Recently announced a U.S.-focused stablecoin, USAT, as part of efforts to expand in America.

  • In August, Tether appointed Bo Hines, a former White House crypto policy executive, as a strategic adviser to bolster U.S. presence.

Competitive landscape

  • Circle, issuer of the USDC stablecoin, went public in June in a blockbuster U.S. IPO.

  • A $500B valuation would make Tether one of the most highly valued companies in global finance, exceeding the market caps of many multinational banks.

Political backdrop

Tether’s plans come amid favorable crypto policies under President Donald Trump, whose administration has embraced digital assets and loosened regulatory barriers compared to prior years.

If successful, the raise would not only cement Tether’s dominance in the stablecoin market but also reshape the global crypto industry by making it the highest-valued digital asset firm in history.

BitGo revenue surges nearly 4x ahead of U.S. IPO filing

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Crypto custody startup BitGo revealed in its U.S. IPO filing that its revenue nearly quadrupled in the first half of 2025, underscoring the booming demand for digital asset infrastructure as the sector cements itself in mainstream finance.

BitGo reported $4.19 billion in revenue and $12.6 million in profit for the six months ending June 30, compared with $1.12 billion revenue and $30.9 million profit in the same period last year. Founded in 2013, the company has grown into one of the largest U.S. providers of secure storage for cryptocurrencies, a role that has become increasingly critical as institutional adoption accelerates.

The filing comes during one of the busiest IPO seasons since 2021, with crypto firms leading the charge. Recent blockbuster debuts by stablecoin giant Circle, crypto exchange Bullish, and blockchain lender Figure have reinforced investor appetite for the sector. Regulatory wins, ETF inflows, and a friendlier stance from Washington are also helping digital assets shed their reputation as purely speculative.

BitGo, valued at $1.75 billion in a 2023 funding round, now plans to list on the New York Stock Exchange under the ticker BTGO. Goldman Sachs and Citigroup are leading the underwriting.

Analysts say BitGo’s strong growth highlights the maturation of crypto as an asset class in its own right, with custody providers positioned as essential infrastructure in the digital economy.

Tether launches USAT stablecoin to expand U.S. footprint

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Tether, the world’s largest stablecoin issuer, announced plans to roll out a new U.S.-based stablecoin called USAT, aimed specifically at American residents. CEO Paolo Ardoino said the project, set to launch by year-end, will strengthen the company’s presence in the U.S. market.

The new venture will be led by Bo Hines, a former White House official and recent advisor to Tether. USAT will be issued by Anchorage Digital Bank, which holds a national trust charter with the U.S. Office of the Comptroller of the Currency. Cantor Fitzgerald will act as custodian and preferred primary dealer. The company will be headquartered in Charlotte, North Carolina.

Tether’s flagship stablecoin, USDT, already dominates globally with a $169 billion market cap, but operates from El Salvador. With the recent passage of the GENIUS Act, which mandates stablecoin reserve disclosures and backing with liquid assets like dollars and Treasuries, Tether said it intends to comply both as a foreign issuer (USDT) and through its U.S.-based USAT.

Ardoino framed the move as necessary to counter competitors “trying to create a monopolistic environment” in the U.S. Hines added that the expansion would be “exorbitant” over the next 12–24 months.

The announcement comes shortly after rival Circle’s blockbuster IPO, which raised over $1 billion. Tether itself has become a significant player in U.S. financial markets, purchasing $33.1 billion of U.S. Treasury bills in 2024, making it the seventh-largest buyer of government debt.

Tether has faced scrutiny in the U.S. before, including a 2021 settlement with the New York Attorney General over reserve transparency and past investigations into compliance practices. Still, with the GENIUS Act providing a clear framework, Tether is positioning itself as a long-term participant in U.S. finance.