Tether Holdings, issuer of the largest stablecoin USDT, is in early talks to raise between $15–20 billion by selling roughly 3% of new equity, which would imply a valuation near $500 billion. El Salvador-based companyWith USDT’s market capitalization at $172 billion, well ahead of Circle’s $74 billion USDC, the deal would mark one of the largest fundraising efforts in crypto historyDiscussions are still at an early stage and terms could change---A $500B valuation would cement Tether’s dominance, though scrutiny over reserves could intensify.