(Reuters) -Crypto giant Tether is in talks to raise as much as $20 billion in a private placement that could value the El Salvador-based firm at about $500 billion, Bloomberg News reported on Tuesday.
The company is seeking $15 billion to $20 billion for roughly a 3% stake, the report said, citing people familiar with the matter.
Talks are at an early stage and details of the proposed investment could change. Cantor Fitzgerald is acting as the lead adviser on the deal, the report added.
Tether has solidified its position as a dominant player in the stablecoin market, offering cryptocurrencies pegged to traditional currencies to minimize price volatility and enable seamless transactions between digital assets.
In August, the firm appointed former White House crypto policy executive Bo Hines as a strategic adviser to bolster its expansion in the United States, where crypto companies have benefited from President Donald Trump’s favorable stance on digital currencies.
Tether did not immediately respond to a Reuters request for comment.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Mohammed Safi Shamsi)
Comments