Tether May Trim $15–$20B Fundraise to ~$5B or Skip It After $10B Profit Year

Tether is reassessing a previously discussed $15–$20 billion fundraising and may scale it down to about $5 billion or abandon a raise after reporting roughly $10 billion in net profit for 2025. The larger fundraising figures provoked investor pushback tied to a proposed $500 billion company valuation; advisers and some insiders reportedly opposed selling large stakes. CEO Paolo Ardoino said the $20 billion figure was a maximum offer, not a required target, and stressed Tether’s strong balance sheet and limited need for immediate capital. At end‑2025 Tether reported about $193 billion in total reserves, including roughly $141 billion in U.S. Treasury exposure, about $17–18 billion in gold (≈130–140 tonnes), and approximately $6–6.3 billion in excess reserves. USDT’s market cap remains the critical stablecoin metric (around $185–193 billion in the reports). Profits declined from about $13 billion in 2024 to roughly $10 billion in 2025, attributed to Bitcoin price moves and reserve allocation changes. Tether also operates gold‑backed XAUt and launched a US‑focused USAt via Anchorage Digital Bank (small initial market cap). Despite beefed‑up compliance efforts, some investors still cite regulatory and transparency concerns, and reported unwillingness among insiders to sell shares has reduced urgency for a large fundraise. For traders: the downsized or canceled equity raise reduces the likelihood of a major equity‑driven market event, but continued questions about reserves and regulatory risk keep a premium on USDT stability and market confidence.