Mike Smith
17 hours ago
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The announcement that the issuer of the largest stablecoin is set to sell 3% of its equity for $15-20 billion instantly overshadowed other crypto market news. The deal is being backed by Cantor Fitzgerald, and the reported $500 billion valuation puts the company in the club of the most expensive private fintech players. For a product that has consistently traded at $1, this acceleration is not due to exchange rate dynamics, but rather to the returns of a portfolio of reserves.
Negotiations are at an early stage: bidders were only given access to a private data room two weeks ago, so the final amount has yet to be fixed. Net income rose to $4.9 billion in the second quarter, backed by a portfolio of Treasury securities and short-term loans. Entry fees start at $250 million, which screens out casual players and targets the round to family offices and sovereign wealth funds. The additional capital will allow the income portfolio to expand without losing liquidity.
The financial buffer is impressive: $162.5 billion in reserves versus $157.1 billion in liabilities, plus $8.9 billion in bitcoin. Audit reports confirm that the issue is 100 percent covered by liquid assets, and the proportion of risky commercial paper is minimized. This design reduces sensitivity to bond market fluctuations and strengthens holders' confidence.
USDT dominates the stablecoin market with a capitalization of $172.8 billion. Its closest rival falls short of $75 billion, so it is Tether that forms the standard of transparency. More than half of the turnover takes place on the Tron network, where commissions are almost zero and speed is close to instantaneous. For traders, this means that the parking of funds between transactions without tangible costs, and for companies from Latin America it is a convenient tool for settlements when importing electronics and raw materials.
The regulatory backdrop is stimulating institutional interest. The US Commodity Futures Trading Commission is considering the idea of using stablecoins in tokenized collateral for clearing derivatives. If the project is approved, large funds will have a channel to move dollars into the blockchain ecosystem without bank delays, and the role of USDT as a bridge currency will become even more prominent.
It remains a mystery where the fresh capital will be channeled. On the sidelines, there are discussions about creating a strategic investment fund, expanding payment infrastructure, and growing decentralized reserves. Even without a precise plan, the upcoming round has already raised expectations: Stablecoin, once called “digital change,” is turning into an asset capable of competing for capital with the world's largest corporations.
