Tether could pause raise if $500B target misses demand

Tether is again in focus after a report said it may delay a planned fundraising round if investors do not support a $500 billion valuation. 

The reported timeline and target have added fresh attention to the stablecoin issuer’s growth plans, valuation goals, and audit efforts.

A Friday report said Tether is pushing investors to commit to a fundraising round at a $500 billion valuation within the next two weeks. The report added that the company may postpone the raise if demand does not meet expectations.

The El Salvador-based firm has reportedly been seeking new capital since late 2025. However, some investors have shown caution over the proposed valuation. The reported target would place Tether among the world’s largest financial firms if the raise moves forward on those terms.

The reported $500 billion valuation would place Tether above every US bank except JPMorgan Chase. JPMorgan’s market value stands near $794.55 billion, while Bank of America’s market value is about $352.86 billion, based on figures cited in the report.

Tether’s main product, USDt, remains the largest stablecoin by market value, with a market cap of about $184 billion. The company also offers other products, including Tether Gold and Tether EURt. The fundraising talks show how Tether is trying to expand beyond stablecoins into several other business areas.

In September 2025, Bloomberg reported that Tether was exploring a raise of up to $20 billion. That report said the company was looking at a private placement for about a 3% stake, with Cantor Fitzgerald acting as lead adviser.

Later, Tether chief executive Paolo Ardoino said on X that the company was exploring a raise from a select group of investors to grow across “existing and new business lines.” In February, Ardoino pushed back on claims that Tether had an active plan to raise up to $20 billion, saying earlier figures reflected hypothetical scenarios.

Audit effort adds another layer

At the same time, reports said Tether has hired KPMG for its first full audit of USDt’s financial statements. PwC is helping the company prepare its internal systems for that process.

Tether has long relied on reserve attestations from BDO Italia rather than a full audit. A full audit would examine assets, liabilities, and internal controls across the balance sheet, rather than only providing reserve snapshots. The reported move comes as the company faces close scrutiny over both its valuation plans and financial reporting.