Tether, the world’s largest stablecoin issuer, is reconsidering the scale of its planned funding round amid skepticism over its $500 billion valuation, according to a report from the Financial Times.
The El Salvador-registered company initially explored raising as much as $20 billion, a move that would have placed it among the world’s most valuable private firms like SpaceX or OpenAI. However, it is now considering a far smaller amount, possibly as little as $5B, following pushback from investors.
Tether CEO Paolo Ardoino dismissed the original figure as a misunderstanding, saying it represented the upper limit of what Tether was prepared to offer and that the company would be satisfied even if it chose not to sell any equity.
Ardoino emphasized that Tether does not urgently need new capital given its strong profitability.
Tether reported a standout Q4 and full-year 2025, delivering more than $10 billion in net profits and growing excess reserves to $6.3 billion. Total assets reached nearly $193 billion, continuing to exceed liabilities, while USDT circulation climbed to a record $186 billion following nearly $50 billion in new issuance during the year.