Tether may pause fundraising if $500 billion valuation target misses demand

Tether is again drawing attention after a report said the stablecoin issuer may delay a planned fundraising round unless investors back a reported $500 billion valuation.

Fundraising push and potential delay

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

The El Salvador-based firm has reportedly been seeking new capital since late 2025. Some investors have shown caution about the proposed valuation, which—if accepted—would place Tether among the world’s largest financial firms.

Valuation target draws comparisons

The reported $500 billion valuation would place Tether above every U.S. bank except JPMorgan Chase. JPMorgan’s market value was cited at about $794.55 billion, while Bank of America’s market value was cited at about $352.86 billion.

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 discussions highlight Tether’s efforts to expand beyond stablecoins into additional business areas.

Earlier fundraising discussions

In September 2025, Bloomberg reported that Tether was exploring a raise of up to $20 billion. That report said the company was considering 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 scrutiny and context

Alongside the fundraising talks, reports said Tether has hired KPMG for its first full audit of USDt’s financial statements. PwC is reportedly helping the company prepare its internal systems for the 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 audit move comes as Tether faces close scrutiny over both its valuation plans and financial reporting.