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Tether Appoints Ex-Google, Limestone Capital Executive as Chief Business Officer

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Tether announced on Wednesday that it has named Benjamin Habbel as its new chief business officer, as the crypto firm expands its strategy beyond digital assets.

Habbel previously served as CEO of private equity firm Limestone Capital and held senior roles at Google. At Tether, he will oversee growth strategy, finance, investment, and portfolio expansion, while also working with the company’s diverse portfolio.

Tether’s investments already span artificial intelligence, telecommunications, bitcoin mining and energy, cloud computing, and real estate. Last year, the company invested $200 million to acquire a majority stake in U.S.-based brain implant company Blackrock Neurotech.

“Tether isn’t just a stablecoin company — it’s The Stable Company,” said CEO Paolo Ardoino, adding that Habbel’s appointment will accelerate Tether’s transformation into a broader technology and financial services powerhouse.

Headquartered in El Salvador, Tether is the issuer of the world’s largest stablecoin, USDT, which is pegged to the U.S. dollar and has a market capitalization of about $173 billion, according to CoinGecko.

The move comes as Tether looks to expand in the United States, where crypto firms are benefiting from President Donald Trump’s supportive stance on the sector and the launch of a U.S.-focused stablecoin, USAT.

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.

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.