Tether beats up on CRCL

Bitcoin ETFs are nearly back to flat YTD flows – an impressive show of demand despite BTC spending much of the year under pressure, with prices down sharply and sentiment taking a beating. Per Bloomberg’s Eric Balchunas, the group of bitcoin ETFs have pulled in $2.5 billion this month alone and sits just one decent day away from fully climbing out of its early-year hole, while BlackRock’s IBIT is already there and ranks in the top 2% of all ETFs by YTD inflows. Read more →

Tether has hired a Big Four accounting firm to conduct its first comprehensive audit of reserves backing USDT, the $180 billion stablecoin. The shift from quarterly attestations to a full audit addresses years of scrutiny over whether the token is fully backed. The move signals Tether's effort to strengthen transparency as it expands operations and scales staff. Interestingly, Circle (CRCL) stock dropped more than 15% on the news. Read more →

The NYSE has partnered with Securitize to build a 24/7 tokenized securities platform, enabling stocks and ETFs to be issued and traded as blockchain-based tokens. Securitize, which has worked with BlackRock on tokenized funds, will handle creation and management of the digital assets. The move formalizes infrastructure outlined by NYSE in January and reflects broader Wall Street momentum with Nasdaq similarly partnering with Kraken. Read more →

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