Stablecoin Giant Tether is looking to raise between $ 15 billion and $ 20 billion for a 3% participation in the company through a private placement, Bloomberg reported, citing two people familiar with the matter.
The mass increase would bring its valuation to around $ 500 billion, which would put it in the same league as Openai and Spacex, Bloomberg reported. Tether would issue a new equity, and Cantor Fitzgerald is acting as the main advisor.
The USDT of Tether has a market capitalization of around $ 172.8 billion, which makes it the largest among the stables. Circle, which was recently made public in the United States, is the USDC issuer, which has the second largest market capitalization of $ 74 billion, according to Coinmarketcap data.
The increase in the increase occurs when Tether recently reported $ 4.9 billion in net earnings in the second quarter and maintained more than $ 162.5 billion in reservations against $ 157.1 billion in liabilities. It also has about $ 8.9 billion in Bitcoin in its reserves.
Bloomberg said that the conversations of the agreements are in the early stages, and that the final number of the increase could be significantly lower. According to the report, possible investors have received access to a data room in recent weeks to facilitate the agreement.
COINDESK has asked Tether for comments.
