Author: Bootly
The financing news of the stablecoin giant Tether is enough to make the entire traditional financial circle hold its breath.
According to Bloomberg, this "central bank of the crypto world," which manages nearly $173 billion in USDT, is seeking to raise $15-20 billion at a valuation of up to $500 billion.
What does this number mean? It means that Tether's scale will directly rival global top tech unicorns like OpenAI and SpaceX, and its staggering $4.9 billion net profit in a single quarter puts many traditional financial institutions to shame. This is not just financing; it is a value declaration from an "invisible giant whale" that has risen from the crypto world, officially challenging the traditional financial system.
$500 Billion Valuation: A Bold Number Game
Tether dares to propose such a bold valuation, backed by its unshakeable core advantages:
Absolute Market Dominance: Tether's USDT, with a market cap of about $172.8 billion, firmly holds the top position in the stablecoin market and is the de facto settlement currency in the crypto world. Its daily trading volume easily surpasses hundreds of billions of dollars, forming the deepest liquidity moat.
Remarkable Profitability: In the second quarter of 2025, Tether reported a net profit of $4.9 billion, with reserve assets reaching $162.5 billion, exceeding liabilities of $157.1 billion, showcasing a robust financial condition. This massive profit largely comes from its holdings of high-yield U.S. Treasury bonds.
Behind the Frenzy: A Zero-Sum Game
Despite Tether's dominance in scale and profitability, competition in the stablecoin space is unprecedentedly fierce. A report from JPMorgan analysts indicates that the total market cap of stablecoins is growing in line with the overall crypto market cap, suggesting that this is a "zero-sum game"—the primary task of issuers is to compete for market share rather than expand the overall pie.
This "arms race" is unfolding across multiple dimensions, with challengers attempting to carve out a share from Tether and Circle's dominance.
Tether's Strategic Adjustment: USAT Compliance Counterattack
In response to regulatory and competitive threats, Tether is undergoing a strategic adjustment. It plans to launch a new stablecoin called USAT, aimed at fully complying with the recently passed U.S. "GENIUS Act." This differs from Tether's existing USDT, of which about 80% of reserves meet the act's requirements.
Compliance Anchoring: The reserves of USAT will be held by institutions like Anchorage Digital, which holds a banking license, helping Tether build institutional trust, reduce reliance on third-party banks, and avoid risks similar to those Circle faced during the 2023 Silicon Valley Bank crisis.
Key Personnel Addition: Tether has appointed Bo Hines, the executive director of Trump's "Digital Assets Advisory Committee," as its CEO for U.S. operations. Hines was a key figure in the Trump administration's cryptocurrency policy and helped push through the "GENIUS Act," providing a new regulatory framework for stablecoins, directly related to Tether's plan to launch the compliant stablecoin USAT.
Close Ties with Trump's Allies: Tether's main reserve asset custodian is Cantor Fitzgerald, whose former CEO Howard Lutnick is the current U.S. Secretary of Commerce. This endorsement at the highest political level provides Tether with a significant trust advantage in expanding its presence in the U.S. market.
Profit Maximization: By directly managing the reserves of USAT, Tether aims to retain more interest income, thereby enhancing profit margins and further strengthening its business model.
These measures indicate that Tether is shifting from a strategy of "regulatory evasion" to one of "actively embracing" and even "shaping" regulation. If Tether can successfully operate under U.S. regulation, it would not only eliminate its biggest valuation obstacle but also bring significant credibility, attracting a broader range of institutional funds.
Actions from Other Competitors
In the face of multiple challenges, Tether's main competitor Circle is also not sitting idle. It is building a dedicated stablecoin blockchain called Arc, aimed at firmly locking USDC at the center of the crypto ecosystem by optimizing speed, security, and interoperability. It has partnered with payment giants like Visa to explore using USDC for merchant payments on blockchains like Solana.
Fintech giants have also recognized the enormous potential of the stablecoin market and are entering the fray. Companies like Robinhood and Revolut are reportedly developing their own stablecoins, attempting to leverage their large user bases and mature financial infrastructures to directly challenge existing stablecoin issuers.
The decentralized finance (DeFi) sector is also launching a challenge against stablecoin hegemony. As one of the most popular DeFi protocols, Hyperliquid is preparing to launch its native stablecoin USDH to reduce reliance on Circle's USDC. J.P. Morgan analysts note that Hyperliquid's perpetual contract exchange currently accounts for 7.5% of the total USDC usage. Once USDH successfully launches and establishes liquidity, this market share could directly shift from USDC, posing a significant threat to Circle.
Conclusion: A Bold Gamble or a New Financial Giant?
As Tether seeks a $500 billion valuation to rival AI giant OpenAI, we see not just the rise of a company but a revolution in the financial paradigm. The intermediary model that traditional banks rely on is being completely disrupted by the global instant settlement capabilities of stablecoins.
This is no longer simple competition; it is a dimensional strike. Tether is declaring to the world with its actual valuation: the future of finance does not belong to concrete and steel bank buildings, but to a globally liquid network built on code. Banking services no longer need branches; they only need a crypto wallet.
Just as the internet allowed information to flow freely, the stablecoins represented by Tether are enabling value to flow freely. When financial infrastructure becomes as simple as sending an email, how much survival space is left for traditional banks? The answer may be hidden within Tether's astonishing valuation.
This silent financial revolution has arrived, not in the future tense, but in the present continuous tense.
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