Sept 23 (Reuters) - Crypto giant Tether is in talks to

raise as much as $20 billion in a private placement that could

value the El Salvador-based firm at about $500 billion,

Bloomberg News reported on Tuesday.

The company is seeking $15 billion to $20 billion for

roughly a 3% stake, the report said, citing people familiar with

the matter.

Still, the figures were top-end targets and eventual numbers

could end up significantly lower, with the valuation of the

company depending on the stake offered, the report added.

Tether's chief executive, Paolo Ardoino, said in a post on X

that the company is evaluating a raise from a selected group of

high-profile key investors, without disclosing any further

details.

Tether's USDT stablecoin, which is pegged to the U.S.

dollar, has a market capitalization of about $173 billion,

according to data from CoinGecko.

Tether has solidified its position as a dominant player in

the stablecoin market, offering cryptocurrencies pegged to

traditional currencies to minimize price volatility and enable

seamless transactions between digital assets.

In August, the firm appointed former White House crypto

policy executive Bo Hines as a strategic adviser to bolster its

expansion in the United States, where crypto companies have

benefited from President Donald Trump's favorable stance on

digital currencies.

The company recently unveiled plans to launch a U.S.-based

stablecoin, called USAT, designed for U.S. residents.

Rival stablecoin firm Circle went public in the

United States through a blockbuster IPO in June.