Tether, a leading stablecoin issuer, plans to raise up to $20 billion through a private placement deal to expand its operations beyond crypto. The move could see Tether hit a valuation of $500 billion, putting it on par with major firms like OpenAI and SpaceX.

With a market cap of $173.08 billion, Tether’s USDT stablecoin reigns as the third most valuable crypto and the leading stablecoin. The firm is also launching a U.S.-compliant stablecoin, USAT, to target American businesses and institutions, competing with other stablecoins like Ripple’s RLUSD. Adoption is rising, with automakers in Bolivia accepting USDT as payment.

Read more at Yahoo Finance: Stablecoin Giant Tether Aims for World’s Most Valuable Company Status With $20B Raise