Tether is pressuring investors to commit to a $500 billion valuation fundraising round within two weeks, threatening a delay if demand is insufficient. The firm has reportedly hired KPMG to conduct its first full audit of the USDt stablecoin reserves, moving beyond previous attestations. Tether’s reported $184 billion market capitalization for its flagship USDT stablecoin would place the company among the world’s largest financial institutions at the target valuation.
Tether is pressuring investors to commit to a fundraising round at a $500 billion valuation within the next two weeks, stating it may otherwise delay the raise. The El Salvador-based firm has sought fresh capital since late last year but faced valuation resistance from investors.
A $500 billion valuation would rank Tether above every U.S. bank except JPMorgan Chase. JPMorgan has a market cap of about $795 billion, while Bank of America’s is approximately $353 billion.
Tether’s USDt (USDT) stablecoin currently has a market capitalization of $184 billion. The company’s other major products include Tether Gold (XAUt) and Tether EURt (EURt).
In September, reports indicated Tether was exploring raising up to $20 billion for roughly a 3% stake. CEO Paolo Ardoino said the company was exploring a raise to expand across existing and new business lines. In February, Ardoino denied an active $20 billion plan but defended the $500 billion valuation, comparing profits to AI platforms like OpenAI.
Simultaneously, Tether has reportedly hired KPMG to conduct its first full audit of USDt’s financial statements. According to the Financial Times, PwC is assisting in preparing internal systems for the process. A full audit would examine assets, liabilities, and internal controls across the balance sheet.
