Tether trims $20B funding plan amid $500B valuation skepticism: Report

Tether CEO Paolo Ardoino scaled back the company’s $20 billion funding plan, calling the target a “misconception,” while maintaining a $500 billion valuation.

Tether, the issuer of USDt — the largest stablecoin by market capitalization — has reportedly scaled back an ambitious $20 billion funding plan announced last fall amid investor skepticism.

The company’s advisers have suggested reducing the raise to as little as $5 billion, the Financial Times reported on Wednesday, citing anonymous sources familiar with the matter.

Tether CEO Paolo Ardoino downplayed earlier reports that the company aimed to raise between $15 and 20 billion, calling them a “misconception.”

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