But nobody is asking WHY it is doing so.
You see, Tether is the most profitable crypto company.
• In 2024 they made about $13.7B in net profit.
• In H1 2025 they booked around $5.7B.
Even on a per-employee basis they generate ~$90M+ each.
Tether clearly does NOT need more money.
So why are they raising capital?
There's a few reasons:
𝟭/ 𝗕𝗲𝗰𝗮𝘂𝘀𝗲 𝘁𝗵𝗲𝘆 𝗰𝗮𝗻.
This is peak market euphoria post-Circle IPO.
If you can grab a half-trillion valuation when the window is open, you take it.
It's once in a lifetime opportunity.
𝟮/ 𝗛𝗲𝗱𝗴𝗲 𝘁𝗵𝗲 𝗿𝗮𝘁𝗲 𝗰𝘆𝗰𝗹𝗲.
High Treasury rates won’t last forever.
Lock in a monster round while yields are fat, before the Fed eases and profits compress.
𝟯/ 𝗣𝗼𝗹𝗶𝘁𝗶𝗰𝗮𝗹 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗳𝗼𝗿 𝗮 𝗨.𝗦. 𝗰𝗼𝗺𝗲𝗯𝗮𝗰𝗸.
Diversify the cap table with U.S.-aligned institutions.
That de-risks policy exposure and smooths the path for a regulated U.S. stablecoin.
𝟰/ 𝗕𝘂𝘆 𝗼𝗽𝘁𝗶𝗼𝗻𝗮𝗹𝗶𝘁𝘆 𝗼𝘂𝘁𝘀𝗶𝗱𝗲 𝘀𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻𝘀.
AI, energy, commodities, media.
Expansion takes distribution, licenses, and political goodwill—things that billions in fresh capital buy quickly.
𝟱/ 𝗧𝗵𝗶𝗰𝗸𝗲𝗻 𝘁𝗵𝗲 𝗲𝗾𝘂𝗶𝘁𝘆 𝗯𝘂𝗳𝗳𝗲𝗿.
A larger cushion calms systemic-risk fears and strengthens redemption confidence.
It also allows Tether to move further out the risk curve if needed.
𝟲/ 𝗦𝗲𝘁 𝘁𝗵𝗲 𝗯𝗲𝗻𝗰𝗵𝗺𝗮𝗿𝗸, 𝘁𝗵𝗲𝗻 𝗵𝗮𝗿𝘃𝗲𝘀𝘁 𝗹𝗮𝘁𝗲𝗿.
Once you’re marked at $500B, secondaries, employee liquidity, and talent recruitment all become easier.
It also boxes out competitors.
And then there’s the optics.
Cantor Fitzgerald’s 5% stake could go from ~$600M to ~$25B in under a year.
A whopping 42x return that headlines itself.
And Tether Co-Founder and Chairman Giancarlo Devasini?
His stake would be worth north of $200B+, putting him in the world’s top 5 richest.
Think about that.
• He didn’t build rockets like SpaceX.
• He didn’t build a new computing platform like Microsoft.
• He didn’t build the internet’s backbone like Amazon or Google.
He wrapped U.S. Treasuries into a stablecoin.
And that alone made him one of the richest people alive.
Bonkers.
P.S.
Is this the moment stablecoins officially become bigger than banks?
