Tether suspends $20 billion financing plan, awaiting first full financial audit results

March 25th, according to Bloomberg, stablecoin issuer Tether's planned fundraising of up to $20 billion has been paused pending the results of its first full financial audit. Tether announced on March 24th that it has hired one of the Big Four accounting firms for an audit, calling it "the largest first-time audit in financial market history," but did not disclose the firm's name or the audit timeline. The fundraising, originally planned for completion by the end of 2025 with a target valuation of $500 billion, has been postponed multiple times. Despite the audit pause, some potential investors have expressed willingness to provide support. Tether's CFO stated that the company has been operating according to Big Four audit standards and that the audit will be completed. The company is working with banks including Cantor Fitzgerald, Morgan Stanley, and BTG Pactual to advance the fundraising. Previously, Tether announced it had hired one of the Big Four accounting firms to conduct an audit of its business operations.