Tether Holdings, the parent company behind the USDT stablecoin, is looking to raise up to $15 billion as it seeks to expand its core business and into other areas.
The stablecoin giant aims to drum up between $15 billion and $20 billion, Bloomberg reported, though this it a top-end target that could value the company at close to $500 billion.
This would make it one of the most valuable privately owned tech companies in the world.
"Tether is evaluating a raise from a selected group of high-profile key investors, to maximize the scale of the company's strategy across all existing and new business lines (stablecoins, distribution ubiquity, AI, commodity trading, energy, communications, media) by several orders of magnitude," said CEO Paolo Ardoino in a social media post.
Stablecoins are digital assets pegged to fiat currencies, with Tether's USDT token tied to the US dollar.
In the second quarter, Tether made a $4.9 billion profit, mostly from interest earned on reserves of assets including US Treasuries.
Tether moved to El Salvador earlier this year after securing a digital asset provider licence in the country, but is reported to be planning to move its headquarters back to the US and unveiled a plan for a US-regulated stablecoin.