Tether finally gets an audit

Tether said it has completed its first full financial audit, a step it had promised for years amid scrutiny of the reserves backing its USDT stablecoin. KPMG issued an unqualified opinion on the 2025 financial statements, which showed reserves exceeding liabilities by $6.814 billion. The audit goes beyond Tether’s prior quarterly attestations, as KPMG tested transactions, systems and assets, and literally physically counted every single one of the company’s gold bars. Critics will continue to call foul though. Read more →

Kraken parent Payward posted $508 million in Q2 adjusted revenue, up 17% year over year, even as total trading volume fell 13%. The difference came from a broader business mix; Asset-based and other revenue rose to 60% of the total, while equities and tokenized equities picked up share and funded accounts jumped 42% to 6.6 million. Payward also continued its acquisition spree across derivatives, payments and wallet infrastructure. The company still plans to go public, though it hasn’t set a new IPO timeline. Read more →

Bitwise CIO Matt Hougan thinks crypto may be entering a very different phase – one where revenue starts to matter as much as narrative. After years of fuzzy links between protocol usage and token value, a growing number of projects are changing how money flows back to holders. Hougan argues the market hasn’t fully caught up yet, and that disconnect could be creating some of the most interesting valuations in crypto. Read more →

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