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Tether, the company behind the world’s biggest stablecoin, is examining whether its own corporate equity could eventually be moved onto a blockchain once it finishes a massive fundraising push.
The idea is emerging alongside a share sale that aims to secure up to $20 billion in new capital and give the firm a valuation close to $500 billion, according to Bloomberg.
Liquidity Questions Drive Tokenization Talks
With no timeline for an IPO and no plan for existing shareholders to sell into the new round, investors are now looking for alternative ways to access liquidity. That has prompted internal discussions about turning Tether stock into digital tokens that mirror ownership — a structure that could allow controlled secondary trading without requiring the company to list publicly.
Executives are also evaluating more traditional solutions, such as targeted buybacks, to prevent early investors from being locked in indefinitely after fresh capital enters the company.
Hadron Unit Positioned for Equity on-Chain
Tether created its own tokenization arm, Hadron, late last year. The division already supports minting digital versions of bonds, commodities and equities, which means any tokenized share initiative could be built on existing infrastructure. For now, the effort remains only a possibility, with no final decision reported.
The company continues to dominate the global stablecoin ecosystem through USDT, a token now exceeding $186 billion in circulation. Tether’s profits are also soaring — internal projections suggest earnings may reach roughly $15 billion this year.
Dispute Over Discounted Secondary Sale
The renewed focus on liquidity follows a behind-the-scenes conflict involving an investor who attempted to sell a large block of shares at a valuation far below the level sought in the upcoming fundraising. The buyer’s terms reportedly implied a company worth around $280 billion, well under Tether’s target.
Tether intervened to block the sale, calling the attempt an improper bypass of the official process. The firm insisted that the investor had since confirmed they would not proceed.
A successful raise near the $500 billion mark would place Tether among the world’s most valuable privately held corporations — surpassing many tech giants and dwarfing other crypto-native companies. Tether has reportedly held discussions with major institutional backers, including SoftBank and Ark Invest.
Tokenization Still Early but Accelerating
Despite renewed interest in turning real-world assets into blockchain-based instruments, the sector is still very young. The total circulating value of tokenized traditional assets is estimated at just over $18 billion — a tiny portion of the global financial system, though one that is expanding quickly in 2025.
If Tether eventually tokenizes its equity, it would mark one of the highest-profile corporate transitions of its kind and could push institutional adoption of digital asset markets even further.