SoftBank Group and Ark Investment Management are in early talks to invest in a funding round that could value stablecoin issuer Tether at as much as $500 billion, Bloomberg News reported on Friday, citing people familiar with the matter.
The two investors are among several high-profile backers in early talks to fund the world’s largest stablecoin issuer in its biggest capital raise yet, the report said.
Tether has solidified its position as a dominant player in the stablecoin market, offering cryptocurrencies pegged to traditional currencies to minimize price volatility and enable seamless transactions between digital assets.
Ark did not immediately respond to a request for comment.
Tether is seeking between $15 billion and $20 billion for about a 3 per cent stake through a private placement, Bloomberg News had reported on Tuesday.
The company recently unveiled plans to launch a U.S.-based stablecoin, called USAT, designed for U.S. residents.
