Tether’s $500 Billion Fundraising Retreat Stokes Speculation—Is an IPO Ever Coming?
Tether has drastically reduced its fundraising target from $20 billion to potentially nothing, cooling IPO speculation fueled by a $500 billion valuation target.Summary
Tether, the issuer of the $185 billion USDT stablecoin, has significantly scaled back its private fundraising plans, moving away from an initial target of a $15–$20 billion raise at a $500 billion valuation to potentially raising as little as $5 billion or nothing at all. This retreat follows hype, notably from Arthur Hayes, who suggested a listing could overshadow Circle's debut. Investor pushback cited regulatory scrutiny, reserve transparency concerns, and past illicit use allegations as reasons for balking at the high valuation. Despite a recent S&P Global Ratings downgrade highlighting exposure to riskier assets, Tether remains profitable, reporting $10 billion in 2025 profits, making additional capital less operationally necessary. CEO Paolo Ardoino stated the company would be happy raising zero capital. While the immediate IPO prospect has dimmed, regulatory developments, like new US stablecoin legislation and Tether's USAT token, could pave the way for a future listing, though the valuation may need adjustment. Tether's cautious pivot signals a broader industry shift toward prioritizing profitability and transparency over speculative valuations.
(Source：BeInCrypto)