Tether, the issuer of the stablecoin USDT, is shaking up global capital markets by exploring a new fundraising method utilizing equity tokenization. As it pursues large-scale investment with a target corporate value of $500 billion, analysts are exploring an on-chain liquidity model instead of a traditional equity sale.
Bloomberg reported on the 12th (local time) that Tether recently halted the sale of shares by one of its existing shareholders. Tether is currently in discussions to raise $20 billion (approximately 29 trillion won) for approximately 3% of its total stake, aiming for a valuation of around $500 billion.
The shareholder reportedly values Tether at approximately $280 billion and attempted to sell $1 billion worth of its shares. However, Tether is reportedly considering providing liquidity to investors through tokenization or a share buyback after raising funds, rather than a short-term sale.
Equity tokenization is a structure where corporate shares are issued in the form of blockchain-based tokens. This facilitates the division and transfer of shares, and by enabling their use as collateral, liquidity can be significantly increased. Specifically, on-chain equity structures allow investors to retain their actual stake while using tokenized shares as collateral in decentralized finance (DeFi) markets. This approach effectively complements the liquidity limitations of traditional unlisted equity trading with blockchain technology.
Tether's initiative is noteworthy because it aligns with the changing US financial regulatory landscape. On the 11th, the US Securities and Exchange Commission (SEC) conditionally approved the Depository and Settlement Trust Company (DTCC), a depository and settlement institution, for its plan to tokenize stocks, exchange-traded funds (ETFs), and bonds on the blockchain. This signifies that a key institution in the US financial infrastructure has officially begun handling on-chain securities.
SEC Chairman Paul Atkins emphasized that “the U.S. financial markets are ready to move on-chain,” and that “on-chain markets will provide investors with greater predictability, transparency, and efficiency.”
On the same day, JP Morgan supported the issuance of $50 million in tokenized bonds for Galaxy Digital Holdings. As regulatory uncertainty eases, global investment banks and major financial institutions are increasingly experimenting with tokenization. Consequently, digital asset exchanges are also moving to leverage tokenized products as a new growth engine.
Coinbase, the largest digital asset exchange in the US, is also expected to expand its business into tokenized stocks and prediction markets. Coinbase has announced a livestream introducing the new product, but details have not yet been released.
However, the tokenized IPO market is still in its infancy. According to RWA.xyz, the current tokenized IPO market size is only around $700 million (approximately 1 trillion won). Nevertheless, if global stablecoin issuers like Tether fully embrace equity tokenization, it could bring significant changes to the overall financing and investment structure of unlisted companies.
If Tether, which has already established a global payment and liquidity infrastructure through USDT, expands its reach to include equity tokenization, it could mark a turning point for stablecoin companies to evolve beyond mere issuers into "on-chain capital market players."
