Quick Summary: Tether will undergo its first full independent financial audit by a Big Four accounting firm, covering reserves, assets, and internal controls for USDT. Tether, the issuer of the world’s largest stablecoin, has announced plans to engage one of the so-called Big Four accounting firms to conduct a comprehensive audit of its reserves for the first time. The announcement was made in a notice published on Tuesday, though Tether did not disclose which firm had been selected. The four firms that make up the Big Four are Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers.According to Tether’s chief financial officer…
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Quick Summary: Aave and Ethena leaders say crypto is evolving beyond trading into stable, bond-like return products as traditional finance assets migrate onchain. The cryptocurrency sector is undergoing a structural shift away from speculative trading toward more stable, predictable yield products, according to the leaders of two major decentralized finance platforms. Stani Kulechov, head of Aave, and Guy Young, head of Ethena, both argue that new financial tools are enabling users to lock in or actively manage returns even amid significant market volatility. The development marks a notable maturation in how decentralized finance operates and positions itself relative to traditional…
Quick Summary: Circle fell up to 18% and Coinbase dropped 8% after a draft U.S. Clarity Act proposed banning yield on passive stablecoin balances. Circle shares declined by as much as 18% and Coinbase fell approximately 8% following the release of a draft version of the U.S. Clarity Act, which proposes significant restrictions on stablecoin yield. The draft legislation has unsettled investors who had previously driven both companies to notable gains. The sell-off reflects broader concern about how the bill could reshape the stablecoin market if enacted.The proposed legislation would prohibit rewards paid on passive stablecoin balances and would also…
Quick Summary: Morgan Stanley’s digital assets head says the bank’s crypto push stems from years of infrastructure work, with tokenized equities support planned for late 2026. Morgan Stanley’s head of digital assets, Amy Oldenburg, says the bank’s growing involvement in cryptocurrency reflects sustained, behind-the-scenes efforts to modernize financial infrastructure rather than a reactive rush to keep pace with competitors. Oldenburg’s remarks frame the institution’s digital pivot as deliberate and long in the making. The comments come as Wall Street’s broader engagement with digital assets continues to deepen.The bank is broadening its digital asset strategy across several areas, including trading, asset…
Quick Summary: Bernstein analysts say Strategy’s balance sheet is stable and Bitcoin has likely bottomed, forecasting the asset will reach $150,000 by year-end. Analysts at investment bank Bernstein say that Strategy, formerly known as MicroStrategy, has demonstrated its resilience through the latest cryptocurrency downturn, reinforcing its position as the largest corporate holder of Bitcoin. In a note published Tuesday, the analysts wrote that concerns over the company potentially selling off its Bitcoin holdings to stay afloat appear unfounded. They described the firm’s balance sheet as being on solid footing as Bitcoin shows early signs of a price recovery.Bitcoin’s price tumbled…
Quick Summary: Bitcoin slips back toward $69,000 on Tuesday as rising Federal Reserve rate hike expectations drive a broad pullback in risk assets. Bitcoin edged lower toward $69,000 on Tuesday, pulled down by a wider retreat across risk assets. The move continued a recent pattern in which the cryptocurrency posts modest gains on Mondays before giving back ground on Tuesdays. The decline reflected broader caution among investors rather than any single crypto-specific development.Growing expectations that the Federal Reserve will raise interest rates added to risk-off sentiment across financial markets. Higher rate expectations tend to weigh on speculative assets, and crypto…
Quick Summary: The New York Stock Exchange is collaborating with BlackRock-backed Securitize to develop tokenization standards and a digital transfer agent for round-the-clock trading. The New York Stock Exchange has announced a collaboration with Securitize, a tokenization firm backed by BlackRock, aimed at accelerating the adoption of blockchain-based trading infrastructure on Wall Street. Under the arrangement, the world’s largest stock exchange by market capitalization will work with Securitize to develop standards for tokens representing real-world assets such as stocks, bonds, and exchange-traded funds. The details were outlined in a joint press release issued by both companies.Securitize is also set to…
Quick Summary: Tether announces a deal with a Big Four accounting firm for its first full independent audit, though it has not yet named the firm. Tether, the world’s largest stablecoin issuer, has announced it has signed an agreement with a Big Four accounting firm to conduct its first full independent financial statement audit. The company made the announcement on Tuesday but stopped short of naming which firm will carry out the work. A Tether representative did not respond to requests for comment on the identity of the auditor.Tether claims to hold approximately $192 billion in assets worldwide to back…
Quick Summary: Fira, a new Ethereum-based DeFi lending protocol, launches with roughly $450 million in deposits by offering fixed-rate borrowing and lending. Fira, a decentralized finance lending protocol built on Ethereum, has announced its launch with approximately $450 million in deposits, signaling notable demand for fixed-rate credit in the onchain lending space. The protocol organizes lending around defined maturities rather than the floating, utilization-based rates common in most DeFi platforms. Interest rates are determined by supply and demand mechanics, replacing algorithms that shift with borrowing activity. The announcement was shared with Cointelegraph on Tuesday.The fixed-rate model is designed to give…
Quick Summary: The Solana Foundation has unveiled a new API-driven developer platform to help banks and payment firms build on its blockchain, with Mastercard, Western Union, and Worldpay as early users. The Solana Foundation has introduced a new developer platform designed to reduce the technical barriers financial institutions face when building products on blockchain networks. Announced on Tuesday, the Solana Developer Platform, or SDP, consolidates infrastructure from more than 20 technology partners into a single, API-driven interface. The platform targets banks, payments companies, and other financial firms looking to deploy blockchain-based solutions. Three major financial companies have signed on as…
