TechFlow, Sept. 24 — According to two sources familiar with the matter, Tether Holdings, the issuer of the world's largest stablecoin, is in talks with investors to raise up to $20 billion, a deal that could propel the cryptocurrency firm into becoming one of the most valuable private companies globally.
Tether aims to raise between $15 billion and $20 billion through a private placement, representing approximately 3% of its equity. The discussions are still in early stages. Based on the stake being offered, the transaction could value Tether at around $500 billion, putting it on par with OpenAI and SpaceX. Its closest 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 U.S. dollar and boasting a market cap of $172 billion, making it the largest stablecoin. Circle’s second-largest stablecoin, USDC, has a market cap of approximately $74 billion. (Jin10)
