GM!
Today’s top news:
Crypto majors continue slide, BTC at $62.8k SEC delays meeting to discuss crypto regulation Trezor data breach exposes customer addresses Kalshi raising $750M at $40B valuation Lighter debuts $20M+ points program with Robinhood Wallet Tether Finally Got a Real Audit, and KPMG Signed Off Tether has spent years fending off questions about whether USDT is truly backed. For most of its history, it published quarterly attestations (a lighter review), rather than submitting to a full audit, which critics treated as a red flag. And the skepticism wasn’t unfounded: Tether paid an $18.5 million settlement to New York in 2021 over misrepresenting its reserves, and the CFTC fined it $41 million the same year for claiming USDT was fully backed by dollars when it wasn’t at all times. A clean opinion from a Big Four firm is the milestone the company has long promised and never delivered, until now.
No rock was left unturned.Tether has all the gold it says it has.Now reviewed by KPMG.
How many financial institutions or governments can actually say that?
CEO Paolo Ardoino, unsurprisingly, took a victory lap, framing it as proof against “several years of detractors’ false claims, competitors’ lies, political attacks and misinformed coverage,” and arguing Tether’s governance has matured alongside its balance sheet.
The audit comes as Tether is pushing aggressively into the US market, launching a domestic stablecoin and courting regulators under the new GENIUS Act framework. A clean audit will help open even more doors in this new world. And that’s probably bad news for their competition. Circle built its whole pitch on being the transparent, regulated alternative to Tether - and that’s no longer the case. Tether is an absolute behemoth, reporting $1.5 billion in Q2 profit and holding more US Treasuries than most countries. And now people can actually trust the books…
Macro Crypto and Markets Crypto majors are slightly red; BTC -1% at $62.8k; ETH -0.5% at $1,876; SOL -0.8% at $75.50; HYPE -2% at $56.40 Top alt movers include ethFi (+14%), ATOM (+10%) and CRO (+3%) Oil +0.5% at $81.5; Gold -0.5% at $4,400 Stock futures are mixed after the S&P hit another new ATH; DOW -0.1%, Nasdaq +0.2% The SEC postponed its planned open meeting on crypto rulemaking due to a scheduling conflict Trezor customer data was exposed in a shipping-partner breach, after a hack leaked the names, phone numbers, email addresses, and home addresses of thousands of the hardware-wallet maker’s customers Kalshi is in talks with Sequoia and Wellington for a $750 million raise at a $40 billion valuation, confirming the blockbuster prediction-market round as the platform's revenue doubles to a $4 billion run rate The White House is expected to host a gathering for crypto and prediction-market officials next Wednesday, per Politico Figure's revenue doubled as its blockchain loan marketplace surged, with the tokenization lender posting $226 million in quarterly revenue (up 113%) and $87 million in net income as consumer-loan volume jumped 132% to $4.3 billion Gemini reported a $107.7 million Q2 net loss, its fourth consecutive loss, as platform assets dropped 54% to $8.4 billion despite 37% revenue growth, while it leans on prediction markets and stock trading to diversify SEC Shelves Crypto Rule Meeting Days After Senate Punted Clarity Act
Corporate Treasuries & ETFs The Bitcoin ETFs saw $131M in net outflows on Thursday; the ETH ETFs saw $5.9M in inflows SharpLink is staking $200 million in ETH through Lido, with Anchorage as custodian Norway’s Sovereign Wealth Fund disclosed $82M in BMNR holdings Meme Coin Tracker Meme leaders were mostly red; DOGE -2%, SHIB -1, PEPE -3%, PENGU -3%, TRUMP -1%, BONK even Robinhood chain was led by Sleuth (+300%), Robbie (+49x), Stackers (+300%) and AI (+40%); Cashcat fell 10% to $135M Solana leaders included Cate (+14%), momota (+40%) and neet (+14%); Ansem at $190M
Token, Airdrop & Protocol Tracker Lighter launched a $20M points program with Robinhood Wallet where users will earn points for an airdrop by trading perps Pump Fun launched "Callout Rewards" which allow traders to get paid based on volume of tokens they call in the app The Fomo App team shared that it’s app had 900k+ active users in the past 30 days Ether.fi added tokenized stocks and portfolio-backed loans, pushing its staking platform into crypto banking
What is happening in NFTs? NFT leaders were flat; Punks even at 31.7 ETH, BAYC even at 8.17 ETH, Pudgy even at 3.92 ETH; Stonkbrokers +16% to 11.6 ETH New project Stackers saw 250 ETH volume and ran to a 0.3 ETH floor Fuego (+100%) and Frens (+100%) led top movers 
