Tether seeks massive funding, with a valuation reaching 500 billion dollars.

The world's largest stablecoin issuer Tether is in talks with investors to raise up to $20 billion, a deal that could propel the crypto assets company into the ranks of the world's most valuable private companies, comparable to the valuations of OpenAI and SpaceX.

According to Bloomberg, Tether is seeking to raise about 3% of its shares through a private placement, with financing amounts between $15 billion and $20 billion, and Cantor Fitzgerald will serve as the chief advisor. Another person involved in the process warned that these are just the highest targets, and the final numbers may be much lower. This unauthorized spokesperson stated that negotiations are still in the early stages and details of the proposed investment may be adjusted.

Insiders say that in the past few weeks, potential investors have been allowed to enter the data room to decide whether to participate in the new round of financing. They expect the deal to be completed by the end of the year.

Tether digital assets and U.S. strategic advisor Bo Hines stated during an interview in Seoul on Tuesday that Tether has no financing plans. Other representatives of Tether did not comment. A spokesperson for Cantor declined to comment.

This transaction could value the company at around $500 billion, putting it on the same level as OpenAI and SpaceX. This is an extraordinary achievement for the loosely regulated Crypto Assets industry, despite the increasing competition and the declining U.S. interest rates threatening its windfall profits. Its closest direct competitor, the publicly listed stablecoin issuer Circle, has a market capitalization of about $30 billion.

This article about Tether seeking large-scale financing, with a valuation of 500 billion USD, first appeared in Chain News ABMedia.