This week, key topics for "Deconstruction" include Russian banks' demands on crypto firms, Tether's first independent audit, potential issues with the Solana blockchain, rising AI computing costs, and Bitcoin's positioning challenges.
Scrutiny of Crypto Firms in Russia
Russian banks have begun to require crypto companies to provide proof of registration in a registry that is not yet established by the Central Bank. This move comes as a response to the de-risking measures implemented ahead of September 1, when cryptocurrency transactions in foreign trade will transition from an experimental phase to a regular practice. Businesses will face stricter compliance, increased costs, and the risk of penalties for illegal exchanges.
The current situation indicates that the transitional period has commenced earlier than anticipated, with the primary objective being to streamline manual verification processes into a transparent framework for legal transactions.
Tether's First Independent Audit
Tether has successfully undergone a comprehensive audit conducted by KPMG US, receiving an unqualified opinion on its 2025 financial statements, confirming compliance with U.S. standards. The auditors verified Tether's balance sheet and physically counted its gold reserves, which, combined with other assets, exceeded the company's liabilities by $6.81 billion.
While this conclusion does not provide indefinite guarantees, it marks a significant step toward transparency in the stablecoin market and could set a new industry standard for major issuers.
Solana's Hidden Vulnerability
The Solana blockchain was nearly brought to a complete halt due to a routing failure at the TeraSwitch provider. At the same time, validators holding 28.83% of staked SOL went offline, bringing the network close to a critical threshold (33.34%) beyond which transactions would not finalize.
The issue was resolved in 33 minutes, but it highlighted the risks associated with centralized infrastructure, prompting criticism from institutional investors regarding the network's reliability.
Shifting Economic Paradigm in AI
The potential acquisition of the startup Decart by Anthropic for $6 billion and restructuring at Google have exposed a significant challenge in the AI sector—the enormous costs associated with maintaining models.
Competition is shifting from developing algorithms to vying for GPU resources, infrastructure, and optimization technologies. In the long run, this raises the entry barriers in the industry, favoring those who can effectively manage product economics at scale.
Bitcoin's Identity Crisis
Bitcoin is undergoing an identity crisis as miner revenues from transaction fees have plummeted to a low of 0.69%, compounded by a decline in hash rate due to competition with AI for energy resources.
Despite investment from firms like BlackRock, Bitcoin has ceased to correlate with stocks and gold, failing to maintain its status as a "safe haven" during times of crisis. The cryptocurrency has evolved beyond mere speculation but is still searching for its true macroeconomic role.
This is a condensed version of the podcast. For the full episode, visit:
https://www.youtube.com/watch?v=LY9kkOT5ibo
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