Stablecoin big Tether is seeking to elevate between $15 billion and $20 billion for a couple of 3% stake within the firm by way of a non-public placement, Bloomberg reported, citing two folks conversant in the matter.
The huge elevate would carry its valuation to round $500 billion, placing it in the identical league as OpenAI and SpaceX, Bloomberg reported. Tether can be issuing new fairness, and Cantor Fitzgerald is performing as lead adviser.
Tether’s USDT has market cap of round $172.8 billion, making it the biggest amongst stablecoins. Circle, which just lately went public within the U.S., is the issuer of USDC, which has the second-largest market cap of $74 billion, in keeping with CoinMarketCap information.
The report of the elevate comes as Tether just lately reported $4.9 billion in web revenue within the second quarter and held over $162.5 billion in reserves in opposition to $157.1 billion in liabilities. It additionally holds about $8.9 billion in bitcoin in its reserves.
Bloomberg stated that the talks of the offers are in early levels, and the ultimate numbers of the elevate might be considerably decrease. In response to the report, potential buyers have been given entry to a knowledge room over the previous few weeks to facilitate the deal.
CoinDesk has requested Tether for feedback.