Tether may put a planned fundraising on hold if investors don’t back a proposed $500 billion valuation, according to a report that has renewed scrutiny of the stablecoin issuer’s growth strategy, valuation ambitions and audit plans.
The report says Tether is pressing investors to commit to the round at a $500 billion valuation within the next two weeks, but could postpone the raise if demand falls short. If realized, that valuation would rank Tether among the world’s largest financial firms — above every U.S. bank except JPMorgan Chase (JPMorgan’s market cap was cited near $794.55 billion), and well ahead of Bank of America (about $352.86 billion in the report’s figures).
Tether, headquartered in El Salvador, has been looking for fresh capital since late 2025. Some potential backers have expressed caution about the lofty price tag. The company’s flagship product, USDt, remains the market’s largest stablecoin with a market cap of roughly $184 billion. Tether also markets other products such as Tether Gold and EURt, and the fundraising push signals a broader effort to move beyond stablecoins into new business lines.
Media reports in September 2025 said Tether was exploring a capital raise of up to $20 billion via a private placement representing about a 3% stake, with Cantor Fitzgerald named as lead adviser. CEO Paolo Ardoino has described the effort as a targeted raise from a select group of investors to expand across “existing and new business lines,” while later pushing back on suggestions that a $20 billion raise was a firm plan, calling earlier figures hypothetical.
At the same time, Tether has been advancing its audit and reporting work. Reports say the company has engaged KPMG for what would be the first full audit of USDt’s financial statements, with PwC assisting in preparing internal systems for that process. Historically, Tether relied on reserve attestations from BDO Italia rather than a comprehensive audit; a full audit would examine assets, liabilities and internal controls across the balance sheet rather than providing periodic reserve snapshots.
The combination of an ambitious valuation target, a potential multi-billion-dollar capital push, and moves toward fuller audits keeps Tether squarely in the spotlight as investors, market participants and regulators watch how the company evolves beyond its stablecoin roots.
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