Tether suspends $20 billion funding plan pending the results of its first full financial audit.

According to Bloomberg, stablecoin issuer Tether's planned fundraising of up to $20 billion has been suspended pending the results of its first full financial audit. Tether announced on March 24 that it had hired one of the Big Four accounting firms to conduct the 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 was originally planned for completion by the end of 2025, targeting a valuation of $500 billion, but has been repeatedly delayed. Despite the audit suspension, some potential investors have expressed their willingness to support the company. Tether's CFO stated that the company operates according to the Big Four auditing standards and the audit will be completed. The company is working with banks such as Cantor Fitzgerald, Morgan Stanley, and BTG Pactual to advance the fundraising.