Overview
- Tether’s advisers have floated cutting the planned raise to about $5 billion after investors balked at the size and valuation proposed in late-2025 talks, according to the Financial Times.
- CEO Paolo Ardoino said the previously reported $15–$20 billion was a ceiling rather than a target and noted the company would be fine selling no shares, with insiders reluctant to part with equity.
- Prospective backers have questioned the implied near-$500 billion valuation and flagged regulatory risks and reserve-transparency concerns, following S&P Global’s downgrade of Tether’s reserve assessment.
- Tether remains highly profitable, with Ardoino citing roughly $10 billion in profit last year, and USDT circulation sits around $185–$187 billion.
- Alongside the fundraising discussions, Tether has introduced USAT through Anchorage Digital Bank as a U.S.-regulated stablecoin and increased outreach to U.S. policymakers and law enforcement.