Tether Puts Up to $20 Billion Fundraise on Hold as It Begins First Full Financial Audit

Tether has paused plans to raise as much as $20 billion while it awaits the outcome of its first comprehensive financial audit, Bloomberg reported. The company said on March 24 it had hired a Big Four accounting firm to conduct the review, calling it the largest audit of its kind in financial market history. Tether did not name the firm or provide a timeline. The fundraising was initially expected to wrap up by the end of 2025 and was tied to a targeted $500 billion valuation. It has been pushed back several times. Even with the pause, some prospective backers have indicated they remain interested. Tether's CFO said the company has been operating to Big Four audit standards and that the audit will be completed. Tether is also working with banks including Cantor Fitzgerald, Morgan Stanley, and BTG Pactual on the fundraising.