Tether has avoided the US market following regulatory clashes, including a 2021 settlement where the company paid $41 million to resolve allegations of misrepresenting its reserves.
Prospective investors have accessed a data room over recent weeks to evaluate participation in the fundraising, with sources expecting the deal to be completed by year-end. The transaction would involve new equity rather than the sale of existing investor stakes.
The potential valuation represents a remarkable achievement for the lightly regulated cryptocurrency sector.
