Tether posts over $1 billion Q1 profit
Tether published its attestation for Q1 2026 this morning, posting $1.04 billion in net profit. The report also showed excess reserves increased to a record $8.23 billion. The stablecoin issuer now holds ~$141 billion in U.S. Treasury bills, making it one of the top 20 largest Treasury holders globally – a position alongside sovereign nations. Beyond Treasuries, reserves also include gold holdings valued at around $20 billion and bitcoin worth approximately $7 billion. Read more →
Small Teams, Big Valuations
Crypto startups are raising at unusually rich valuations for how few people they employ. According to CB Insights, digital-asset companies that raised in Q1 averaged $6.4 million in valuation per employee, nearly double the $3.5 million average across fintech. Seven of the top 10 highest-valued fintech teams were crypto companies, including tiny teams like QFEX, Warden, and Crossover Markets, each building around onchain trading, custody, compliance, or settlement. Read more →
Crypto Hacks Meet New Record
April was one of crypto’s ugliest security months yet, with 29 projects hit by hacks or exploits – the highest monthly count on record, according to DefiLlama. The dollar damage was concentrated in two big attacks, Drift and Kelp DAO, which together accounted for roughly $579 million in losses. The more worrying detail is that nearly 83% of the month’s incidents reportedly stemmed from code bugs. That matters as more powerful AI models enter the picture. Major exchanges including Coinbase and Binance are reportedly moving quickly to get access to Anthropic’s Claude Mythos, which could help them find and fix vulnerabilities faster. Smaller crypto teams, on the other hand, may not have that same access or budget, or security depth – and that gap could soon become a bigger problem. Read more →
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