Tether : Between record valuations and skepticism, where is the truth?

Tether, the issuer of the world’s largest stablecoin, USDT, is once again stirring controversy in the crypto sphere. After announcing a fundraising round of 20 billion dollars, the company has reduced its ambitions to 5 billion dollars and defends a record valuation of 500 billion! Between bold communication and lingering doubts, where does the reality lie?

Tether: a fundraising revised downward… misunderstanding or strategy?

Initially, Tether aimed for a fundraising of 20 billion dollars, an ambitious goal to strengthen its reserves and credibility. However, this announcement was quickly revised downward, with a reduced target of 5 billion dollars. Paolo Ardoino, the CEO, called the initial goal a “misunderstanding”, specifying that 20 billion represented a ceiling, not a fixed target.

This reversal raises questions about the company’s transparency. Investors, already wary of stablecoins due to their lack of regulation, see this turnaround as a communication attempt to mask underlying difficulties. Some crypto analysts believe that Tether seeks to reassure markets while avoiding committing to too high amounts.

Crypto: a 500 billion dollar valuation for Tether?

Paolo Ardoino defends the 500 billion dollar valuation of Tether by comparing it to AI giants like OpenAI. According to him, Tether generates comparable profits but with immediate profitability, without the initial losses often associated with tech companies. In 2025, the crypto company announced a profit of 10 billion dollars, slightly down, but sufficient to justify this valuation.

This comparison remains controversial. Indeed, AI companies benefit from a futuristic growth narrative and massive R&D investments, which is not the case with Tether. Critics argue that Tether mainly relies on issuing stablecoins, a less innovative business model that is more exposed to regulatory risks.

Therefore, to strengthen its credibility, Tether is betting on diversifying its reserves, including 130 tons of physical gold, and launching new stablecoins like USAt for the American market. Despite these efforts, crypto investors remain cautious, demanding more tangible evidence before accepting this record valuation.

Between transparency and regulatory challenges… Can Tether convince the market?

Tether faces a major challenge: regaining trust in a context of widespread distrust towards stablecoins. The criticisms mainly focus on the lack of transparency of its reserves and ambiguous relations with regulators. Despite partial audits and reassuring statements, many believe the crypto company does too little to dispel doubts.

However, recent initiatives like the expansion of USDt on new platforms (Opera’s MiniPay) and the launch of USAt under the GENIUS Act show a willingness to comply with regulatory expectations. Nevertheless, competition is intensifying with players like Circle (USDC) and MakerDAO (DAI) gaining credibility through increased transparency. To convince, Tether will have to go further:

• Complete audits;
• Clear communication about its reserves;
• Proactive collaboration with regulators.

Tether plays a central role in the crypto ecosystem, but its future will depend on its ability to reassure. Between oversized ambitions and regulatory challenges, the company stands at a crossroads… Will Tether manage to turn its discourse into concrete actions to earn the trust of investors and regulators?