Tether has urged investors to pledge to an upcoming fundraising round with a valuation of $500 billion within two weeks. It said that they may postpone the fund-raising if there isn’t enough demand.
The Information reports that the El Salvadorian firm, which has sought new capital for some time now but investors have been reluctant to invest because of concerns about valuation. reported Unnamed sources said Friday. The company may delay the increase if the commitments are not as high-quality as expected.
Tether’s $500 billion goal would make it the biggest financial company in the world, bigger than every US bank but JPMorgan Chase. JPMorgan is the largest bank worldwide. has Bank of America has a value of approximately $794.55billion, whereas the second largest bank, Bank of America. has Market capitalization is $352,86 billion.
Tether’s USDtUSDT( ), the largest stablecoin in the world, has an estimated market value of $184 Billion. Other top products of the company include Tether Gold, (XAUt), and Tether EURt(EURt), both pegged to euro.
Related: Stablecoin supply reaches $315B in Q1 as USDC rises, USDT declines
Tether explores the fundraising possibilities
Bloomberg reported on September 19, last year that Tether was exploring a fundraising Round of up to 20 billion dollars that would value the company around $500 billion. Cantor-Fitzgerald was acting as the lead advisor for a $15-20 billion private placement.
Paolo Ardoino, CEO, comments on the Report said On X, the company announced that it was looking into raising money from a small group of investors in order to expand its operations across “existing and new business lines (stablecoins, distribution ubiquity, AI, commodity trading, energy, communications, media) by several orders of magnitude.”
Ardoino made this comment in February to Cointelegraph. denied reports that it planned The company has a fundraising goal of up to 20 billion dollars, but earlier estimates were merely hypothetical projections and not a real plan. Yet, he still defended the $500-billion valuation. Comparing the profits the company makes to AI platforms like OpenAI.
Cointelegraph reached Tether and asked for a comment. However, we did not receive one by the time of publication.
Related: Tether says ‘Big Four‘ firm to handle first full audit of USDT reserves
KPMG is the first to audit USDt in full.
Tether is a new product that has been launched. reportedly hired KPMG Financial Times reported that PwC would assist with the internal system preparations as USDt conducted its first comprehensive audit. This move comes after years where BDO Italia’s reserve attestations were relied upon instead of an audit.
The audit will examine Tether’s assets, liabilities, and internal control systems.
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Source: cointelegraph.com
