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Tether, the issuer of the world’s largest stablecoin, is evaluating a major fundraising round, its CEO Paolo Ardoino, has confirmed, in a deal that could reportedly put the crypto company’s value on par with OpenAI.
The El Salvador-based company is looking to raise between $15 billion and $20 billion for a roughly 3% stake through a private placement, according to a Wednesday report from Bloomberg News, citing two individuals familiar with the matter.
Soon after that report, Ardoino confirmed plans to fundraise on his official X account, saying that Tether was “evaluating a raise from a selected group of high-profile key investors.”
The funds would “maximize the scale” of Tether’s strategy across existing and new business lines by “several orders of magnitude,” he added. Those business lines include stablecoins, distribution ubiquity, artificial intelligence, commodity trading, energy, communications and media.
