Tether suspends $20 billion financing plan, awaiting results of the first comprehensive financial audit

According to Bloomberg, the stablecoin issuer Tether's plan to raise up to $20 billion has been paused, awaiting the results of its first comprehensive financial audit.

Tether announced on March 24 that it has hired one of the Big Four accounting firms for the audit, claiming it will be the largest initial audit in the history of financial markets, but did not disclose the name of the specific firm or the audit timeline.

The fundraising was originally planned to be completed by the end of 2025, with a target valuation of $500 billion, but has been delayed multiple times. Despite the audit pause, some potential investors have expressed willingness to support. Tether's CFO stated that the company has been operating according to the Big Four audit standards and that the audit will be completed. The company is working with banks such as Cantor Fitzgerald, Morgan Stanley, and BTG Pactual to advance the fundraising.