Morning Minute is a daily newsletter penned by Tyler Warner. The views expressed are his own and may not reflect those of Decrypt.
Good morning!
Here are today's key updates:
- Major cryptocurrencies continue to decline, with BTC priced at $62.8k.
- The SEC has postponed a meeting regarding crypto regulations.
- Trezor has suffered a data breach exposing customer addresses.
- Kalshi is seeking $750 million at a valuation of $40 billion.
- Lighter launches a points program exceeding $20M in collaboration with Robinhood Wallet.
🏦 Tether Has Completed its First Comprehensive Audit, Approved by KPMG
On Thursday, Tether announced that KPMG, one of the largest accounting firms globally, provided an unqualified opinion (the highest possible rating) on its financial statements for 2025.
Tether, known for being the issuer of the prominent stablecoin USDT, described this audit as the “largest inaugural financial audit in history.” KPMG reviewed Tether’s assets, liabilities, cash flows, internal controls, records, counterparties, and supporting documents, even physically verifying each gold bar held by Tether instead of relying solely on custodian reports.
The company has faced scrutiny for years regarding the actual backing of USDT. Historically, Tether opted for quarterly attestations (a less rigorous review) instead of a full audit, which led critics to question its credibility. This skepticism was supported by Tether's $18.5 million settlement with New York in 2021 for misleading statements about its reserves, as well as a $41 million fine from the CFTC for claiming USDT was fully dollar-backed when it was not. Securing a clean opinion from a Big Four firm is a significant achievement that Tether has aimed for but had not accomplished until now.
All aspects were thoroughly examined.
Tether possesses all the gold it claims.
This has been validated by KPMG.How many financial entities or governments can genuinely assert that?
"As part of the audit, KPMG physically counted and examined every individual gold bar held by Tether, confirming the… https://t.co/sW3bmCQ6Tu
— Paolo Ardoino 🤖 (@paoloardoino) August 13, 2026
Paolo Ardoino, CEO of Tether, celebrated this achievement, framing it as a rebuttal to “years of false claims from detractors, lies from competitors, political attacks, and misinformed reporting.” He emphasized that Tether’s governance has evolved alongside its financial position.
This audit coincides with Tether’s aggressive expansion into the U.S. market, where it is launching a domestic stablecoin and engaging with regulators under the new GENIUS Act framework. A favorable audit could pave the way for further opportunities in this environment, potentially posing a challenge to competitors. Circle has positioned itself as a transparent, regulated alternative to Tether, but the landscape is changing. Tether has reported a profit of $1.5 billion in Q2 and holds more U.S. Treasuries than many countries, and now, its financial statements can be trusted.
🌎 Macro Crypto and Markets
- Major cryptocurrencies are slightly down; BTC -1% at $62.8k; ETH -0.5% at $1,876; SOL -0.8% at $75.50; HYPE -2% at $56.40
- Top altcoin movers include ethFi (+14%), ATOM (+10%), and CRO (+3%)
- Oil +0.5% at $81.5; Gold -0.5% at $4,400
- Stock futures are mixed following a new all-time high for the S&P; DOW -0.1%, Nasdaq +0.2%
- The SEC has postponed its scheduled meeting on crypto regulations due to a scheduling issue
- Trezor customer data was compromised in a breach involving a shipping partner, exposing the names, phone numbers, email addresses, and home addresses of thousands of customers
- Kalshi is negotiating with Sequoia and Wellington for a $750 million funding round at a $40 billion valuation, confirming its position as a leading prediction-market platform as its revenue doubles to a $4 billion run rate
- The White House plans to host a meeting for officials from the crypto and prediction-market sectors next Wednesday, according to Politico
- Figure's revenue has doubled as its blockchain loan marketplace experiences growth, reporting $226 million in quarterly revenue (up 113%) and $87 million in net income as consumer-loan volume surged 132% to $4.3 billion
- Gemini reported a $107.7 million net loss in Q2, marking its fourth consecutive loss, as platform assets fell 54% to $8.4 billion despite a 37% increase in revenue, while the company diversifies into prediction markets and stock trading
Corporate Treasuries & ETFs
- Bitcoin ETFs experienced $131M in net outflows on Thursday, while ETH ETFs saw $5.9M in inflows
- SharpLink is staking $200 million in ETH via Lido, with Anchorage serving as custodian
- Norway’s Sovereign Wealth Fund has disclosed $82M in BMNR holdings
Meme Coin Tracker
- Meme coins were mostly down; DOGE -2%, SHIB -1%, PEPE -3%, PENGU -3%, TRUMP -1%, BONK remains stable
- Robinhood chain was led by Sleuth (+300%), Robbie (+49x), Stackers (+300%), and AI (+40%); Cashcat dropped 10% to $135M
- Solana leaders included Cate (+14%), momota (+40%), and neet (+14%); Ansem stands at $190M
💰 Token, Airdrop & Protocol Tracker
- Lighter has launched a $20M points program in partnership with Robinhood Wallet, allowing users to earn points for an airdrop through trading perps
- Pump Fun has introduced "Callout Rewards" which incentivize traders based on their token volume calls made in the app
- The Fomo App team reported that it has seen over 900k active users in the last month
- Ether.fi has added tokenized stocks and portfolio-backed loans, expanding its staking platform into the realm of crypto banking
🚚 What’s New in NFTs?
- NFT markets remained stable; Punks at 31.7 ETH, BAYC at 8.17 ETH, Pudgy at 3.92 ETH; Stonkbrokers increased by 16% to 11.6 ETH
- New project Stackers achieved 250 ETH in volume and reached a floor price of 0.3 ETH
- Fuego (+100%) and Frens (+100%) were among the top gainers