Catenaa, Thursday, December 18, 2025-Stablecoin issuer Tether is exploring tokenizing its stock following a planned share sale that could raise up to $20 billion and value the company at about $500 billion, Bloomberg reported Friday.
The company has not set a timeline for an IPO and is reportedly not allowing current shareholders to sell in the main fundraising round.
Tokenized equity could offer investors a digital alternative to liquidity until a public listing or through traditional buybacks.
Tether launched Hadron in November 2024, a unit enabling blockchain-based representations of stocks, bonds, and commodities, which could support such a tokenized structure.
Tether’s USDT remains the world’s largest stablecoin, with roughly $186 billion in circulation and projected 2025 profits near $15 billion.
The share sale discussions follow attempts by at least one shareholder to sell stock at a steep discount valuing Tether at roughly $280 billion, which the company blocked, labeling the sale “imprudent” and “reckless.”
A $500 billion valuation would place Tether among the highest-valued private companies worldwide and significantly above crypto-native peers.
The company has reportedly held talks with strategic investors including SoftBank and Ark Invest.
