stablecoin issuer Tether suspends $20 billion financing plan

Stable coin issuer Tether Holdings SA had previously planned to raise US$20 billion, but the plan has been suspended. The company is awaiting the results of its first comprehensive financial audit or may restart fundraising after the audit results are released. Potential investors and bankers have been urging Tether to increase financial transparency throughout the funding process, according to people familiar with the matter, although one person familiar with the matter said some potential investors are still prepared to support the company until the audit results are announced.