Tether Drastically Reduces $20 Billion Funding Plan, Reports FT

According to a report by the Financial Times on the 4th, Tether, the world's largest issuer of stablecoins, has significantly scaled down its fundraising plans following backlash over its corporate valuation from investors. The company's advisors are now considering raising about $5 billion (approximately ¥780 billion), a substantial reduction from the initial target of $15 billion to $20 billion.

Tether's CEO, Paolo Ardoino, stated that the figures of $15 billion to $20 billion were a 'misunderstanding' and explained, 'Those numbers were not our target but rather the maximum we were prepared to sell.' Last year, the company generated approximately $10 billion in profits...