Investors are cautious as Tether reconsiders the size of a planned funding round amid skepticism about a reported $500 billion valuation, the Financial Times says.
The El Salvador–registered company had explored raising up to $20 billion — a sum that would have ranked it with the most valuable private firms such as SpaceX or OpenAI — but is now weighing a much smaller raise, possibly around $5 billion, after pushback from potential backers.
CEO Paolo Ardoino called the $20 billion figure a misunderstanding, describing it as an upper limit Tether was prepared to offer and saying the firm would be content even if it sold no equity. He stressed Tether does not urgently need new capital given its profitability.
Tether reported strong results for Q4 and full-year 2025, posting more than $10 billion in net profit, growing excess reserves to $6.3 billion, and holding nearly $193 billion in total assets that continue to exceed liabilities. USDT circulation hit a record $186 billion after nearly $50 billion of new issuance during the year.