Tether or Funding Delay: $500 Billion Valuation Faces Market Test

April 4th, stablecoin issuer Tether is urging investors to join its new funding round within the next two weeks, targeting a valuation as high as $500 billion—should market demand fall short, the firm could delay the plan. This valuation would catapult Tether into the league of the world’s biggest financial firms, second only to JPMorgan Chase and ahead of Bank of America. Its core product USDT currently has a market cap of ~$184 billion, making it the world’s largest stablecoin. Earlier reports suggested Tether weighed raising $15B–$20B via private funding at a ~$500B valuation, though CEO Paolo Ardoino noted those figures were merely speculative talks. He has repeatedly defended the valuation, however, arguing the firm’s profitability rivals high-growth sectors like AI. Separately, Tether is advancing its audit efforts. It has reportedly tapped KPMG for the first full reserve audit of USDT, while PwC is supporting internal system readiness work—seen as a key step toward greater transparency. Market analysts say a successful funding round would further cement Tether’s standing in stablecoins and the broader financial sector, though the steep valuation could be a major hurdle for investors.