Recent rumors about Tether's financing and shareholder movements have attracted market attention. According to industry sources, this stablecoin giant is launching a $20 billion fundraising round with a target valuation of $500 billion, demonstrating considerable ambition. Interestingly, however, internal major shareholders are causing some discontent at this critical juncture.

It is reported that some longstanding shareholders previously expressed a desire to sell their holdings at a valuation of $280 billion, which is more than 60% below the current fundraising target valuation. This proposal was directly rejected by Tether, with the company clearly stating that if they want to sell, it must be at a valuation of $500 billion. The underlying logic is straightforward—prevent shareholders' divestment actions from affecting the ongoing fundraising progress.

However, this incident reflects some issues worth paying attention to. Why are the old shareholders eager to exit at half price? This precisely indicates that there are some unknown concerns lurking in the market.

**Asset Risks of Stablecoins**

Tether’s business model relies on asset reserves. According to publicly available information, nearly 40% of the company's profits come from high-risk assets such as Bitcoin and gold. This means the security of the stablecoin is tied to the price fluctuations of these assets. Rating agencies like S&P have issued warnings: if Bitcoin's price drops by 30%, Tether’s risk buffer will face severe challenges, potentially causing USDT to depeg, triggering regulatory measures, or even facing more serious consequences.

In this context, for equity holders, a farsighted approach is to realize gains while the fundraising enthusiasm and valuation are high. Rather than betting on a possible future, it’s better to lock in profits now.

**Asymmetry of Power in Shareholding Structure**

Tether’s organizational structure exhibits clear concentration of power. According to publicly available information, Chairman Giancarlo Devasini controls approximately 47% of the shares, while CEO Paul Adoino and other core management hold about 20% collectively, with other shareholders holding very small proportions and having minimal influence. This creates a typical scenario of major shareholders dominating and minority shareholders being marginalized.

In an environment where regulatory and environmental scrutiny is becoming increasingly strict, policies related to cryptocurrencies often change suddenly. Minority shareholders are most worried about policy shifts turning their holdings into worthless paper overnight. Under such uncertainty, being able to sell at a relatively favorable price becomes a rational choice. Even a 30% discount is better than being stuck holding assets at the end.

**The Reality of the Game**

On the surface, Tether’s announced fundraising target and new high valuation seem ambitious. But the early divestment actions of shareholders reveal another signal: informed insiders are already preparing for potential risks. The choices of longstanding shareholders may be the most direct vote on the company's true future situation.

What’s most interesting about this turmoil is that it exposes a vivid market reality: when a company's official narrative diverges from the actual actions of internal shareholders, it often indicates the presence of risks that are not fully priced in the market. For USDT users and cryptocurrency investors, this may warrant asking oneself a deeper "why."