According to Bloomberg, SoftBank and ARK are in talks to participate in Tether’s major funding round.
Tether, the world’s largest stablecoin issuer, aims to raise up to $20 billion at a $500 billion valuation.
If successful, the deal could make Tether one of the world’s most valuable private companies, in the same league as companies like OpenAI and SpaceX. The company aims to raise between $15 billion and $20 billion through a private placement, equivalent to about 3% of the company’s total valuation.
The talks are still in the early stages. The company’s closest competitor, Circle, has a market capitalization of around $30 billion. Tether’s USDT, with a market capitalization of $172 billion, is the world’s largest stablecoin. Circle’s USDC, with a market capitalization of around $74 billion, comes in second.
Circle, currently listed on the NYSE, has gained 51% in the last six months.
*This is not investment advice.