Tether Scales Back Fundraising Talk to $5B From $20B – Feb 2026

Tether is pushing back on reports that it planned a $15–$20 billion equity fundraising after investors balked at an implied $500 billion valuation. Advisers have discussed a much smaller raise – potentially around $5 billion – but Tether has not published an official announcement confirming any target size or valuation.

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Context

Fundraising speculation around Tether intensified in 2025 as stablecoins became a core piece of crypto market plumbing and a growing focus for traditional finance. In September 2025, reports linked to Bloomberg said Tether was exploring a major private capital raise at an implied $500 billion valuation, with discussions pointing to selling roughly a 3% stake.

At the time, Tether’s CEO signaled openness to bringing in outside capital without committing to final terms. “We are assessing a raise from a select group of prominent investors.” – Paolo Ardoino, CEO, Tether (Sept. 23, 2025).

Details

In the latest reporting (Feb. 4, 2026), Tether’s earlier $15–$20 billion figure drew investor pushback, with the valuation reportedly acting as the main friction point. Advisers then floated scenarios centered on a smaller check size – around $5 billion – instead of the headline $15–$20 billion range.

Ardoino disputed the idea that $15–$20 billion was a fixed plan, framing it as a ceiling rather than a goal. “That number is not our goal. It’s our maximum we were ready to sell.” – Paolo Ardoino, CEO, Tether (Feb. 4, 2026).

Tether has not released a press statement laying out a revised fundraising plan, and there is still no confirmed timeline, syndicate, or finalized valuation for any round. As described in the reporting, the $5 billion figure remains something discussed by advisers rather than a formally announced target.

Impact

The immediate market relevance is less about USDT’s day-to-day price – it’s designed to track $1 – and more about what this says about investor appetite for ultra-high private valuations in crypto. A $500 billion implied valuation would place Tether in a rare category of privately held firms, so any visible investor resistance is notable even before any deal terms are finalized.

The story also lands against the backdrop of Tether’s profitability and balance-sheet messaging. In its Q1–Q3 2025 attestation announcement, Tether said year-to-date net profit “surpassed the $10 billion mark” and excess reserves stood at $6.8 billion as of Sept. 30, 2025. The same disclosure stated total reserves were $181,223,149,214 and total liabilities were $174,445,364,503, implying assets exceeded liabilities by $6,777,784,711.

Operational scale matters here because it shapes the investor pitch. Tether’s attestation announcement also said it issued $17 billion in new USD₮ in Q3 2025 and that total circulating supply reached $174 billion, reinforcing how central USDT remains to exchange liquidity and cross-chain settlement.

Next Steps

Nothing is final until Tether confirms it. The next publishable milestone would be a direct statement from Tether clarifying whether it is fundraising, the size of any round, and the valuation expectations – or a clear denial.

Until then, the most reliable signals will be hard disclosures rather than fundraising rumors: updated attestation reports, audited financial statements if released, and any investor-facing materials that leak with verifiable details. If a round proceeds, the key questions will be how much equity Tether is willing to sell, at what valuation, and whether the final structure changes anything about governance and strategic direction.

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P.S. This article is for informational purposes only and does not constitute investment advice. Always conduct your own research and make independent decisions.