Tether is reportedly in talks to raise a whopping $20 billion from investors, a move that would value the company at a staggering $500 billion, Bloomberg reported on Tuesday.
This would catapult the El Salvador-based company into the elite ranks of the world's most valuable private companies, alongside giants such as SpaceX and OpenAI.
The fundraising would involve issuing new shares for approximately 3% of the company. However, the report included a note of caution, as one source warned that the final figures could be "significantly lower" than these ambitious targets.
This news comes just after Tether's US chief executive stated that the company "has no plans to raise money," adding a touch of intrigue to the report.