加密巨头 Tether 在重大融资中寻求 5000 亿美元估值

Crypto Giant Tether Seeks $500 BillionValuation in Major Raise 加密巨头Tether在重⼤融资中寻求5000亿美元估值 Tether Holdings SA Chief Executive Officer Paolo ArdoinoPhotographer: MichaelNagle/Bloomberg Tether Holdings SA⾸席执⾏官Paolo Ardoino摄影：Michael Nagle/Bloomberg ByRyan WeeksandTodd Gillespie 作者：Ryan Weeks和Todd Gillespie September 24, 2025 at 4:00 AM GMT+8 Tether Holdings SA is in talks with investors to raisebetween $15 billion and $20 billion in exchange for a roughly3% stake through a private placement. Tether Holdings SA正在与投资者洽谈，通过私募配售筹集150亿⾄200亿美元，以换取⼤约3%的股份。 The deal could value the company at around $500 billion,putting it into the same league as OpenAI and Elon Musk’sSpaceX. 该交易可能使公司估值约为5000亿美元，使其跻身与OpenAI和埃隆·⻢斯克的SpaceX同⼀等级。 The transaction would involve new equity rather thanexisting investors selling their stakes, with Cantor Fitzgeraldacting as the lead adviser. 此次交易将涉及新发⾏的股权，⽽不是现有投资者出售其持股，Cantor Fitzgerald担任⾸席顾问。 Tether Holdings SA, issuer of the world’s largest stablecoin,is in talks with investors to raise as much as $20 billion, adeal that could propel the crypto firm into the highest ranksof the world’s most valuable private companies. Tether Holdings SA，全球最⼤稳定币的发⾏⽅，正在与投资者洽谈，最多筹集200亿美元，此项交易可能推动这家加密公司进⼊全球最有价值的私营公司⾏列。 The El Salvador-based company is seeking between $15billion and $20 billion in exchange for a roughly 3% stakethrough a private placement, according to two peoplefamiliar with the matter. 这家总部位于萨尔⽡多的公司正寻求通过私募⽅式筹集150亿⾄200亿美元，以换取⼤约3%的股份，据两位知情⼈⼠透露。 Another person involved in the process cautioned that thoseare top-end targets and eventual numbers could besignificantly lower. Talks are in early stages and details ofthe proposed investment may change, said the people, whowere not authorized to speak publicly. 另⼀位参与此过程的⼈⼠提醒称，这些只是最⾼⽬标，最终数字可能会显著低于此。知情⼈⼠表⽰，谈判仍处于早期阶段，拟议投资的细节可能会发⽣变化，这些⼈未获授权公开发⾔。 Depending on the stake offered, the deal could value thecompany at around $500 billion, putting it into the sameleague asOpenAIand Elon Musk’sSpaceX, an extraordinaryachievement for the lightly regulated crypto business evenas rivals multiply and falling US interest rates threaten itswindfall earnings. Its closest direct rival, publicly tradedstablecoin issuerCircle Internet Group Inc., was worthabout $30 billion as of Tuesday afternoon. 根据所提供的股份⽐例，该交易可能使公司估值达到约5000亿美元，使其跻⾝与OpenAI和埃隆·马斯克的SpaceX同⼀⽔平，对于监管较少的加密⾏业⽽⾔，这是⼀项⾮凡成就，尽管竞争者不断增多且美国利率下⾏可能威胁其意外收益。其最接近的直接竞争对⼿、上市的稳定币发⾏商Circle InternetGroup Inc.在周⼆下午的市值约为300亿美元。 The transaction would involve new equity rather thanexisting investors selling their stakes, said the people.Cantor Fitzgeraldis acting as the lead adviser, they added. 知情⼈⼠表⽰，该交易将涉及新股权，⽽⾮现有投资者出售其持股。他们补充称，Cantor Fitzgerald担任主要顾问。 Bo HinesPhotographer: Kent Nishimura/Bloomberg Bo Hines摄影：Kent Nishimura/Bloomberg Bo Hines, Tether’s strategic adviser for digital assets and USstrategy, said Tether has no plans to raise money during aninterview at a conference in Seoul on Tuesday. Otherrepresentatives for Tether did not provide comment. Aspokesperson for Cantor declined to comment. Bo Hines，Tether的数字资产与美国战略顾问，在周⼆⾸尔⼀场会议的采访中表⽰，Tether没有筹资计划。Tether的其他代表未予置评。Cantor的⼀位发⾔⼈拒绝置评。 Tether is at the forefront of stablecoins, a type of digitalasset that pegs its value to fiat currencies. Its USDT token istied to the US dollar with a market value of $172 billion. It isby far the largest, with Circle’s No. 2-ranked USDC stablecoin worth about $74 billion. Tether处于稳定币领域的前沿，稳定币是⼀种将其价值锚定于法定货币的数字资产。其USDT代币与美元挂钩，市值为1720亿美元。它远远领先，排名第⼆的Circle的USDC稳定币市值约为740亿美元。 Tether has made a fortune by parking the reserves that backits token in cash-like assets including US Treasuries, andearning interest. It booked $4.9 billion in profit during thesecond quarter, according to a companyblog postin July.Chief Executive OfficerPaolo ArdoinorecentlyclaimedTether has a 99% profit margin. The figures Tether cites arenot subject to the same reporting standards as thosedisclosed by publicly traded companies. Tether通过将⽀持其代币的储备停放在类现⾦资产（包括美国国债）并赚取利息，从中获利丰厚。根据公司在7⽉的⼀篇博客⽂章，该公司在第⼆季度实现了49亿美元的利润。⾸席执⾏官Paolo Ardoino最近声称Tether的利润率为99%。Tether引述的这些数字不受与上市公司披露相同的报告标准约束。 Tether has spent the last few months laying the groundworktoreturn to the US, in a bid to capitalize on PresidentDonald Trump’s pro-crypto policies. It recently unveiled aplan for a US-regulated stablecoin and appointed Hines, aformer White House crypto official, to lead it. 过去⼏个⽉，Tether⼀直在为重返美国铺路，旨在利⽤唐纳德·特朗普总统的亲加密货币政策获利。它最近公布了⼀项⾯向美国监管的稳定币计划，并任命前⽩宫加密货币官员Hines来领导该项⽬。 Tether had been notably absent from the US prior toTrump’s second term, after clashing with regulators. In2021, the companypaida $41 million fine to settleallegations it had misrepresented its reserves. 在特朗普第⼆任期之前，Tether在美国显著缺席，此前曾与监管机构发⽣冲突。2021年，该公司⽀付了4100万美元的罚款，以和解其曾对储备⾦作出虚假陈述的指控。 Prospective investors have been given access to a data roomover the past few weeks to decide whether to participate inthe new fundraising, said the people familiar with thematter. They expect the deal to close by the end of the y