Tether pauses $20B funding round for first-ever financial audit

Tether, the issuer of the world's largest stablecoin USDT, has paused a $20 billion fundraising plan to undergo its first-ever financial audit, Bloomberg reported. According to the report, potential investors and financial institutions have consistently demanded greater financial transparency from Tether during the fundraising process, though some investors are reportedly still willing to invest even before the audit is complete. Tether recently announced it had selected one of the 'Big Four' accounting firms to conduct an independent audit of its financial statements but did not disclose the firm's name or a specific timeline. The decision to resume the funding round, which was initiated late last year with a target of raising $15 billion to $20 billion, is expected to depend on the audit's results. The fundraising was originally slated to conclude by the end of 2025 but has faced multiple delays.