US Commerce Secretary Howard Lutnick is reportedly assisting Tether in its $20 billion equity fundraise, according to Swan Bitcoin CEO Cory Klippsten. Klippsten, citing a tip from a national news reporter, suggested that this effort could value Tether at $500 billion. Previously, Bloomberg reported Tether's intention to sell 3% equity in a private placement. Lutnick, who has a history with Cantor Fitzgerald managing Tether bonds, has publicly defended Tether's reserves. Despite these developments, Tether has not yet released a comprehensive audit of its financial reserves, despite multiple promises to do so.