Crypto: Tether's $20B Fundraise Paused Ahead of First Full Big Four Audit

Tether's attempt to pull off what would be the largest private fundraising round in crypto is on hold as it awaits the results of its first complete financial audit by a Big Four accounting firm, Bloomberg reported. The stablecoin issuer had been exploring a raise of $15–20 billion at a $500 billion valuation, with a deal initially expected to close by the end of 2025. Bankers and prospective investors have pushed for greater transparency during the process. While some potential backers remain open to investing without the audit, Tether is choosing to wait. Key figures cited: $184 billion of USDT in circulation, $122 billion held in U.S. Treasury bills, and $10 billion in profit last year, supported by roughly 300 employees—an unusually high profit-per-employee metric by traditional banking standards. Tether said it already operates to Big Four audit standards and described the engagement as the "biggest ever inaugural audit in the history of financial markets." The company expects fundraising discussions to resume once the audit is completed.