Tether in Early Talks for $15–20B Raise

Tether Holdings is reportedly in talks to raise $15–$20 billion via a private placement for roughly a 3% stake, which would imply a valuation near $500 billion, according to Bloomberg and other outlets. Cantor Fitzgerald is said to be advising, and the proposed transaction would involve new equity rather than secondary sales, though terms are preliminary and the $500 billion number represents a top‑end target. The raise would underscore Tether’s large USDT footprint (about $172 billion outstanding) and its substantial reserves across U.S. Treasuries, money‑market funds, Bitcoin and gold. Tether has reported roughly $4.9 billion in profit for Q2 and the CEO has claimed very high margins, though those figures are unaudited and not comparable to public‑company reporting. The effort coincides with U.S. expansion plans — including a planned regulated U.S. stablecoin referred to as “USAT” and the appointment of Bo Hines to lead U.S. operations (Hines has said the company "has no plans to raise money") — and prospective investors have reportedly been given data‑room access; any deal could change or close later in the year.