Bloomberg reports the stablecoin giant is pushing hard into American finance, backed by Trump allies and Treasury holdings, while scrutiny over transparency intensifies
Tether Holdings, the company behind the world’s most widely used stablecoin, is mounting an aggressive push into the U.S. market, launching a new domestic token, lobbying Washington, and courting investors at a reported valuation of $500 billion, according to a Bloomberg report published this week.
The firm posted more than $10 billion in profit last year, a figure that CEO Paolo Ardoino says funds a rapidly expanding global portfolio of more than 140 investments. Tether holds approximately $193 billion in reserves, of which 63% is allocated to U.S. Treasuries, making it, by its own account, the 17th largest holder of American government debt globally.
The push is a change in direction for Tether, and comes with powerful allies. Commerce Secretary Howard Lutnick, whose family firm holds a stake in Tether, has been a key supporter. Yet scrutiny is growing. Democratic Senator Jack Reed has proposed legislation requiring audits of foreign dollar-backed stablecoins. Transparency has long been a concern, with critics pointing to the lack of information on Tether’s full exposure. Tether has told investors that it plans to publish a full audit by the end of 2026, and Ardoino acknowledged the company is in talks with Big Four auditors, telling Bloomberg: “I will not make a commitment, but it’s super high priority.”