Tether Finally Secures Full KPMG Audit Opinion
Tether obtained a clean KPMG unqualified audit opinion on 2025 financials, with physical verification of gold bars, ending years of backing skepticism. This bolsters US stablecoin ambitions and pressures Circle. The newsletter also notes SEC delay, Trezor data breach, and Kalshi's $750M raise.
Quick Take
KPMG issued unqualified opinion on Tether's 2025 financials, physically inspecting gold bars.
Audit ends years of USDT backing doubts, boosting Tether's credibility and US expansion.
Newsletter also covers SEC delay, Trezor customer data breach, and Kalshi raise.
Market Impact Analysis
BullishKPMG clean audit removes long-standing USDT backing doubts, improving Tether's credibility and regulatory prospects, a bullish stablecoin signal.
Speculation Analysis
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 said Thursday that Big Four accounting firm KPMG issued an unqualified opinion (the best possible result) on its 2025 financial statements.
Tether (the company behind the leading stablecoin USDT) called it the “largest inaugural financial audit in history,” and said KPMG examined its assets, liabilities, income, cash flows, internal systems, records, counterparties, and supporting documentation, even physically counting and inspecting every individual gold bar Tether holds rather than trusting custodian reports.
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? "As part of the process, KPMG physically counted and inspected every individual gold bar held by Tether, verifying the… https://t.co/sW3bmCQ6Tu — Paolo Ardoino 🤖 (@paoloardoino) August 13, 2026
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?
"As part of the process, KPMG physically counted and inspected every individual gold bar held by Tether, verifying the… https://t.co/sW3bmCQ6Tu
— Paolo Ardoino 🤖 (@paoloardoino) August 13, 2026
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
🌎 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
Crypto majors are slightly red;
Top alt movers include ethFi (+14%), ATOM (+10%) and CRO (+3%)
Top alt movers
Oil +0.5% at $81.5; Gold -0.5% at $4,400
Oil
Stock futures are mixed after the S&P hit another new ATH; DOW -0.1%, Nasdaq +0.2%
Stock futures
The SEC postponed its planned open meeting on crypto rulemaking due to a scheduling conflict
The SEC postponed its planned open meeting
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
Trezor customer data was exposed
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
Kalshi is in talks with Sequoia and Wellington
The White House is expected to host a gathering for crypto and prediction-market officials next Wednesday, per Politico
The White House is expected to host a gathering
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
Figure's revenue doubled
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
Gemini reported a $107.7 million Q2 net loss
Corporate Treasuries & ETFs
Corporate Treasuries & ETFs
The Bitcoin ETFs saw $131M in net outflows on Thursday; the ETH ETFs saw $5.9M in inflows
The Bitcoin ETFs
SharpLink is staking $200 million in ETH through Lido, with Anchorage as custodian
SharpLink
Norway’s Sovereign Wealth Fund disclosed $82M in BMNR holdings
Norway’s Sovereign Wealth Fund
Meme Coin Tracker
Meme Coin Tracker
Meme leaders were mostly red; DOGE -2%, SHIB -1, PEPE -3%, PENGU -3%, TRUMP -1%, BONK even
Meme leaders were mostly red;
Robinhood chain was led by Sleuth (+300%), Robbie (+49x), Stackers (+300%) and AI (+40%); Cashcat fell 10% to $135M
Robinhood chain
Solana leaders included Cate (+14%), momota (+40%) and neet (+14%); Ansem at $190M
Solana leaders
💰 Token, Airdrop & Protocol Tracker
💰 Token, Airdrop & Protocol Tracker
Lighter launched a $20M points program with Robinhood Wallet where users will earn points for an airdrop by trading perps
Lighter
Pump Fun launched "Callout Rewards" which allow traders to get paid based on volume of tokens they call in the app
Pump Fun launched "Callout Rewards"
The Fomo App team shared that it’s app had 900k+ active users in the past 30 days
The Fomo App team
Ether.fi added tokenized stocks and portfolio-backed loans, pushing its staking platform into crypto banking
Ether.fi added tokenized stocks and portfolio-backed loans
🚚 What is happening in NFTs?
🚚 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
NFT leaders
New project Stackers saw 250 ETH volume and ran to a 0.3 ETH floor
New project Stackers
Fuego (+100%) and Frens (+100%) led top movers
Fuego (+100%) and Frens
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