Tether seeks to raise up to $20 billion at a valuation of $500 billion

ChainCatcher news, the world's largest stablecoin issuer Tether Holdings is in talks with investors to raise up to $20 billion, a deal that could propel the cryptocurrency company to become one of the most valuable private companies globally.

Tether aims to raise $15 billion to $20 billion through a private placement, which would account for about 3% of the company's shares. The negotiations are still in the early stages. Based on the offered share percentage, this deal could value Tether at around $500 billion, putting it on par with OpenAI and SpaceX. Its most direct competitor, Circle, had a market capitalization of about $30 billion on Tuesday afternoon. Tether is at the forefront of stablecoins, with its USDT token pegged to the US dollar, boasting a market cap of $172 billion, making it the largest stablecoin, while Circle's second-largest stablecoin USDC has a market cap of about $74 billion.