Tether or Deferred Financing: $500 Billion Valuation Faces a Market Test

BlockBeats message, April 4: Stablecoin issuer Tether is pushing investors to participate in its next round of fundraising over the next two weeks, with a target valuation as high as $500 billion; if market demand proves insufficient, the company may choose to postpone its financing plans.

This valuation would place Tether among the world’s largest financial institutions, only behind JPMorgan Chase and ahead of Bank of America. Currently, its core product USDT has a market cap of about $184 billion, making it the world’s largest stablecoin.

Earlier reports said that Tether had considered raising $15 billion to $20 billion through private financing at a valuation of about $500 billion, but the company’s CEO Paolo Ardoino said that the figures were more a matter of hypothetical discussion. Still, it has repeatedly defended the valuation, saying the company’s profitability could be comparable to high-growth industries such as AI.

In addition, Tether is moving forward with its audit process. According to reports, the company has hired KPMG to conduct its first comprehensive audit of USDT reserves, and PwC is involved in preparations for internal systems. This move is seen as an important step toward improving transparency.

Market analysis suggests that if the financing is completed smoothly, it will further strengthen Tether’s position in stablecoins and in the broader financial sector; however, an overly high valuation could also become a key obstacle to investors’ decision-making.