Tether’s Landmark Fundraise on Hold as Crypto Giant Seeks Audit

Tether Holdings SA’s plans to raise as much as $20 billion are on pause as the stablecoin giant awaits the results of its first full financial audit, a step that may revive one of the most anticipated fundraisings in the digital-asset era.

Prospective investors and bankers have been pressing Tether for greater transparency around its finances throughout the fundraising process, according to people familiar with the matter. Still, some would-be backers remain prepared to back the firm even without the audit, one of the people said, asking not to be identified discussing non-public information.

Tether announced on Tuesday that it ...