Overview
- Tether is soliciting commitments for a funding round that would value the company at $500 billion, and reports say it could delay the deal if demand falls short.
- Potential backers are wary of the price, which would place Tether above most major U.S. banks by market value.
- The company has begun its first full financial audit by a Big Four accounting firm, with some reports naming KPMG and PwC’s preparatory role, though those specifics remain unconfirmed.
- Tether’s USDT stablecoin has roughly $184 billion in circulation, and the firm makes money by investing reserves in U.S. Treasuries while paying no interest to token holders.
- To justify the valuation, Tether points to moves beyond stablecoins into AI compute, Bitcoin mining, media and biotech, following earlier talks in 2025–2026 that floated smaller raises.