Tether, issuer of the USDT stablecoin, is pursuing initiatives that could alter liquidity and ownership structures in capital markets, including reported plans for a potential share sale of up to $500 billion.
USDT remains one of the largest stablecoins, with nearly $186 billion in circulation and tokens issued on a 1:1 basis with reserves. After years of scrutiny over reserve transparency, Tether’s recent issuance of $1 billion in additional USDT has been interpreted by some market participants as a sign of renewed confidence.
In late 2024 Tether launched Hadron, a platform for tokenizing equity that creates blockchain-based representations of shares. The platform aims to let investors acquire company stakes without traditional public offerings, and to streamline distribution and price discovery through on-chain mechanisms.
Tokenized equity could change financing dynamics for startups and Web3 firms by improving liquidity, reducing counterparty risk and opening new funding channels. For corporate finance teams, on-chain capital frameworks may prompt a reevaluation of conventional fundraising and cap table management.
The shift raises regulatory questions around classification and compliance. Clear rules will be required to integrate tokenized securities into existing frameworks, and firms — including offshore crypto companies and DAOs — will need to align with legal and reporting obligations to build market trust.
By expanding beyond stablecoins into equity tokenization, Tether is positioning itself at the intersection of digital asset utility and capital markets innovation. The developments are likely to influence debates on transparency, market stability and the regulatory treatment of tokenized securities.
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