Tether CEO Paolo Ardoino on Wednesday said reports of a $20 billion fundraising plan were misunderstood, as investor concerns over valuation and regulation prompt the stablecoin giant to scale back discussions.

Funding Round Narrowed Threefold

Tether initially explored raising $15 billion to $20 billion at a valuation reportedly near $500 billion, but advisers are now discussing a significantly smaller round of roughly $5 billion, according to the Financial Times.

Ardoino said the larger figure was a misconception and stressed that Tether does not require external capital, citing strong profitability and a lack of interest among insiders in selling shares.

Investor hesitation has centred on…

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