SoftBank, Ark in talks to join Tether major funding round, Bloomberg News reports
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo
SoftBank Group and Ark Investment Management are among potential investors in a funding round for stablecoin issuer Tether, Bloomberg News reported on Friday.
The two investors are among several high-profile backers in early talks to fund the world's largest stablecoin issuer in its biggest search for capital, the report said, citing people familiar with the matter.
Tether is seeking between $15 billion and $20 billion for about a 3 per cent stake through a private placement that could value the crypto giant at as much as $500 billion, Bloomberg News had reported on Tuesday.
Ark and a spokesperson for Tether did not immediately respond to requests for comment.
The company is advised by Cantor Fitzgerald, the New York-based investment bank long run by current U.S. Commerce Secretary Howard Lutnick, the report added.
Tether has cemented its lead in the stablecoin market, issuing tokens pegged to fiat currencies to reduce volatility and ease transfers between digital assets.
The El Salvador-based firm's dollar-linked USDT stablecoin has a market capitalization of around $173.47 billion, according to CoinGecko.
However, Tether is also broadening its investments beyond digital assets, spanning sectors including AI, telecommunications, cloud computing and real estate.
