Stablecoin Issuer Tether Valued At $500 Billion In New Funding Round

(MENAFN- Yolo Wire) %Tether , issuer of the world's largest %Stablecoin , has been valued at $500 billion U.S. in a new funding round.

The latest valuation puts the crypto company on par with the world's largest private companies, including satellite provider SpaceX and artificial intelligence (A.I.) start-up OpenAI.

Based in El Salvador, Tether says it is looking to raise between $15 billion U.S. and $20 billion U.S. for a roughly 3% equity stake through a private placement.

Tether plans to use the money raised to help scale its business across lines that include stablecoins, A.I., commodities trading, energy, and communications.

Tether has been accused in the past of facilitating criminal transactions through its USDT stablecoin and has left the U.S.

However, Tether has said that it plans to return to the U.S. as the country adopts more relaxed rules and regulations around cryptocurrencies.

The company recently named a new chief executive officer (CEO) for its U.S. business.

Tether's (CRYPTO: $USDT) stablecoin is pegged to the U.S. dollar with a market capitalization that recently surpassed $172 billion U.S.

Along with American stablecoin issuer %Circle Internet Group (NYSE: $CRCL), Tether is part of a duopoly in stablecoin issuance.

Circle issues the USDC stablecoin that is worth approximately $74 billion U.S.

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