投资者嫌估值太贵！Tether融资目标从200亿砍到50亿，稳定币一哥也“认怂”？

Core Viewpoint - Tether's ambitious valuation target of $500 billion faces significant investor resistance, leading to a substantial reduction in its fundraising expectations from an initial $15-20 billion to a minimum of $5 billion, highlighting skepticism about its high valuation [1][2]. Group 1: Valuation Concerns - Tether's valuation of $500 billion has raised widespread doubts among investors, who privately express concerns about this pricing [2]. - CEO Paolo Ardoino defends the high valuation by comparing Tether to loss-making AI companies, arguing that if those companies can be valued at $800 billion despite losses, Tether's valuation should be justified [2]. - Tether reported a profit of approximately $10 billion last year, primarily from returns on asset reserves backing its stablecoin USDT, which has a market cap of $185 billion [2]. Group 2: Regulatory Risks - Potential investors are hesitant due to regulatory risks associated with Tether, which has faced scrutiny since its inception in 2014 over concerns regarding illegal activities and the transparency and quality of its asset reserves [3]. - Tether has released quarterly attestations from accounting firm BDO Italia regarding its reserves but has not undergone a full audit, raising further concerns [3]. - The recent introduction of new stablecoin legislation in the U.S. and the public offering by competitor Circle adds pressure on Tether, despite its efforts to launch a compliant new token [3]. Group 3: Profitability Challenges - Tether's profit structure is heavily reliant on the performance of the cryptocurrency market and returns from reserve asset investments, with a projected 23% year-over-year decline in profits to $10 billion by 2025 due to market downturns [4]. - The company has gained approximately $8-10 billion from its gold holdings, benefiting from rising precious metal prices, and has become a significant buyer of U.S. Treasury bonds and a key player in the gold market [5]. - Tether's efforts to attract notable investors are seen as a barometer of interest in the cryptocurrency industry, although the company is not in urgent need of additional capital due to its substantial profits [5].