Masayoshi Son and "Cathie Wood" are both considering investing, as the valuation of "stablecoin leader" Tether approaches OpenAI

The world's largest stablecoin issuer Tether is attracting the attention of top investors, with its latest round of potential financing possibly pushing the company's valuation to an astonishing $500 billion.

According to Bloomberg, SoftBank Group and Ark Investment Management led by "Cathie Wood" are considering taking a stake in Tether, with this round of financing aimed at selling about 3% of the company's equity, potentially raising a total investment of up to $20 billion.

If the financing is successful, Tether's valuation will align with AI leader OpenAI, reaching the $500 billion level and entering the ranks of the world's most valuable private companies.

Tether CEO Paolo Ardoino confirmed this week that the company is exploring potential financing from "a small number of well-known key investors," but he declined to disclose specific investor names or financing amounts.

Profit Outlook Under Pressure, Tether is Diversifying

The strong interest from investors in Tether stems from its absolute dominance in the stablecoin market. The USDT it issues has a market capitalization of approximately $173.6 billion, consistently ranking first globally.

In recent years, stablecoins have evolved from mere cryptocurrency trading tools into strategic financial assets. Tether generates substantial profits by issuing the USDT stablecoin pegged to the US dollar and investing the fiat reserves deposited by users into income-generating assets.

Since the Federal Reserve began its aggressive interest rate hike cycle in 2022, short-term U.S. Treasury yields have surged, providing a strong tailwind for Tether's interest income. Financial reports indicate that in the second quarter of 2025, Tether's net profit reached $4.9 billion, a year-on-year increase of 277%. This profitability makes it one of the most profitable companies in the crypto industry and even globally.

However, great success also comes with potential risks. Although interest rates remain at historical highs, the yield on three-month U.S. Treasury bills has retreated from the peaks of 2023 and 2024. For a company like Tether, which heavily relies on short-term Treasury interest income, this could signal the need to reduce dependence on a single source of income and seek new profit growth points.

In response to potential shifts in the interest rate environment, Tether has already begun to diversify. According to Paolo Ardoino's comments, the company plans to expand its business lines into new areas such as commodities, energy, and media.

By the end of 2023, the company announced its transition into infrastructure and energy production. In 2024, Tether completed its first crypto venture investment, committing to provide funding support to Arcanum Capital