Crypto heavyweight Tether is reportedly in early-stage discussions to raise between $15-20B in a private equity round, offering about 3% of its equity.
This would likely raise crypto adoption and investor interest in the industry, creating hype.
Tether’s deal would involve new equity issuance, rather than existing shareholders selling down their stakes, according to the source.
That’s speculative, of course – the final terms and valuation of the IPO may differ substantially.
Still, the proposed terms indicate just how ambitious Tether’s plans are. Tether issues the $USDT stablecoin, the largest such crypto, with a circulating supply of $173B. That supply has increased steadily over the past year, as demand for stablecoins has grown.
Part of those plans include a move into the U.S. market. Tether appointed Bo Hines, a former U.S. crypto policy official, as strategic adviser, and plans to launch a U.S.-oriented $USAT stablecoin.
That has created an opportunity for Tether – currently headquartered in South America – to expand and cater its operations to the US market.
Despite the hype, there are several uncertainties. The deal is still preliminary, so the valuation, stake dilution, and raise amount could all shift materially.
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Tether’s influence extends beyond its crypto business, holding tens of billions in U.S. Treasury bills, making it one of the largest non-sovereign purchasers of U.S. Treasuries.
