Talks underway could value the stablecoin powerhouse at as much as $500 billion, a level that would place it among the planet’s most valuable private companies.

The raise, reportedly seeking up to $20 billion for a minority stake, would reinforce Tether’s dominance in the $173 billion stablecoin market and highlight growing interest from traditional finance. SoftBank, famous for backing bold bets in tech, and Ark, which previously invested in Circle, are expected to play leading roles if the funding closes.

The push comes as Tether expands beyond USDT. A U.S.-focused product called USAT is in the works, and the company has been moving to strengthen its ties with governments and regulators. Its reliance on short-term U.S. Treasuries has already generated billions in interest, underlining its unusual position as both a crypto giant and a financial juggernaut.

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Advising the deal is Cantor Fitzgerald, long a key partner and custodian for Tether’s reserves. With Commerce Secretary Howard Lutnick still linked to Cantor, the raise also highlights the growing overlap between Washington, Wall Street, and digital assets.

If finalized, the funding would dwarf most previous crypto rounds and further cement stablecoins as a backbone of global payments and markets.

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