_Updated as of February 2026._
The plan for a **Tether fundraising** of $15-20 billion has been scaled back to approximately $5 billion, according to a report by the Financial Times on February 2026, due to investor resistance to the proposed valuation of $500 billion. CEO Paolo Ardoino responded to Reuters, calling the figures circulating in the press a “misconception,” reiterating that Tether does not need external capital.
Tether fundraising: from $20 billion to $5 billion, according to the FT
According to the Financial Times, Tether’s advisors had explored an operation worth $15-20 billion, which, at the proposed valuation of approximately $500 billion, would have placed the issuer of USDT among the most capitalized private companies in the world, alongside SpaceX and ByteDance. After initial contact with potential investors, the target was reduced to approximately $5 billion: a 75% reduction.
The main reason for the scaling back is the resistance of institutional investors, who raised three concrete concerns: the proposed valuation is difficult to justify compared to comparable companies, the lack of a complete independent audit of the reserves, and the regulatory uncertainty in the USA, where there is not yet a federal law on stablecoins.
Ardoino: “If we sold zero, we would be very happy”
The CEO responded to Reuters on February 2026: “That number is not our goal. If we sold zero, we would be very happy.” Ardoino challenged the valuation comparisons with AI companies: “If you believe that an AI company is worth $800 billion with a negative sign in front of the profits, go ahead—Tether makes $10 billion in real profit.”
A Tether spokesperson described the media coverage as “amplified by unnecessary noise and speculation,” clarifying that any discussions with investors are driven by “long-term alignment, not the urgency to raise as much as possible.” Tether therefore has no operational need for external capital: insiders do not intend to sell shares, and the cash reserves are solid.
The audit issue: a structural obstacle
The most concrete issue raised by investors concerns the transparency of the reserves. Tether publishes quarterly attestations prepared by BDO Italia, but not a full audit in the technical sense—that is, with independent verification of internal processes, the custody chain, and business partners. S&P Global Ratings recently downgraded its rating on the quality of the reserves, increasing the pressure on the institutional credibility front.
The issue is not new, but the scale reached makes the issue more urgent. USDT currently exceeds $185 billion in circulation, with a market share exceeding 70% of the total stablecoins. For an institutional investor who must justify the transaction to their LPs or regulators, a quarterly attestation is not sufficient.
Tether’s fundamentals
Tether closed 2025 with an estimated profit of approximately $10 billion, down 25% from the $13.7 billion in 2024, partly due to the decline in Bitcoin among the reserve assets. The company has become one of the largest individual buyers of US Treasury bonds and gold globally. Ardoino expects that the 2026 profit will exceed the 2025 level and potentially approach the 2024 values, also thanks to the gains on the gold reserves, which in 2025 generated between $8 and $10 billion.
USDT remains the dominant stablecoin, ahead of Circle’s USDC. The operational soundness is not in question: for those considering an investment in the company, the problem is that without a certified audit, no private valuation—however ambitious—will stand up to the scrutiny of institutional capital.
What changes for the stablecoin market
A reduced fundraising from $20 to $5 billion does not alter Tether’s operational position in the market. However, the resistance of institutional investors highlights a structural tension: valuing a stablecoin issuer as a high-growth tech company requires certified audits, regulatory clarity, and transparent governance—elements that are currently lacking or partial.
The most relevant signal is not the number, but the quality of the feedback received. The Tether fundraising saga highlights that scale and profits alone are not enough to bridge the gap between operational fundamentals and institutional trust—and that verifiable transparency remains the necessary and yet unmet condition for Tether.
| Item | Data |
|---|---|
| Original fundraising target | $15-20 billion |
| Revised target | ~$5 billion (-75%) |
| Proposed valuation | ~$500 billion |
| USDT in circulation | $185+ billion |
| Stablecoin market share | >70% |
| 2025 Profit | ~$10 billionArticoli correlati |
