Crypto giant Tether is in talks to raise $15-20 billion in a private placement, potentially valuing the company at $500 billion. CEO Paolo Ardoino is evaluating a raise from key investors. Tether’s USDT stablecoin has a market cap of $173 billion, solidifying its dominance in the stablecoin market.

Tether aims to minimize price volatility with stablecoins pegged to traditional currencies. The company appointed former White House crypto policy executive Bo Hines to aid U.S. expansion. Tether plans to launch USAT, a U.S.-based stablecoin, while rival Circle went public in a blockbuster IPO in June.

Read more at Yahoo Finance: Crypto firm Tether eyes $500 billion valuation in major raise, Bloomberg News reports