Tether to become the world’s most valuable private company
Tether, the issuer of the world’s largest stablecoin USDT, is in talks to raise $15-20 billion that would value the company at roughly $500 billion. For context, Circle (CIRC), the issuer of the world’s second largest stablecoin, is worth $33 billion as of this morning. According to CEO Paolo Ardoino, the company is raising the money to deploy into “stablecoins, distribution ubiquity, AI, commodity trading, energy, communications, media.”
We here at CoinSnacks definitely have some questions around why a company that made $4.9 billion last quarter alone, with a reported 99% profit margin, really need to raise money, but Tether has been doing funny things since the beginning of time. Read more →
Crypto Wealth
According to new research from international residence and citizenship advisory specialists Henley & Partners, crypto’s wealth ladder if filing up fast. Over the last 12 months, the number of crypto millionaires jumped ~40% to 241k, led by bitcoin with 145k millionaire holders (up 70% YoY). The research group frames it as a “historic” wealth boom, but to give some context, crypto millionaires still only make up 0.4% of the ~60 million total millionaires globally. One other way to put it: we are still so early. Read more →
Boring, but important news 🙂
Acting CFTC chair Caroline Pham yesterday approved stablecoins as tokenized collateral in US derivatives – a move that could prove to be significant by improving capital efficiency and lowering costs. But the agency can only go so far without a confirmed chair to push through more changes. As Jake Chervinsky notes, considering the CFTC holds the regulatory keys around prediction markets, perps, derivatives, etc., wasting time on finding a new CFTC chair is “by far” the greatest failure of crypto policy in 2025 and should be the administrations top priority right now. Read more →
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