company
Issuer of USDT, the leading stablecoin; reported a KPMG unqualified opinion on its 2025 financial statements and $1.5 billion in quarterly profit.
No evidence-backed relationships are recorded.
The ticker swap costs nothing and fixes nothing. Berachain holds about $32 million in TVL, took in roughly $27 of fees in a day, and BERA is down about 99% from its high.
Reality
A tentative April 15 decision adds illustrative guidance to ASC 230 rather than a new category. Treasurers get liquidity-ratio credit; issuers now compete on passing the existing test.
Perspective Coverage
3 publishersReality
Circle's euro stablecoin has regulatory cover, five blockchains and card-network settlement. Four years in it has passed EUR 400 million, in a market where roughly 98% of stablecoin value is dollar-denominated.
Reality
A Big Four audit answers the backing question for $183 billion of USDT. It does not turn a $6.8 billion excess into a treasury-grade cushion.
Reality
The European Commission is expected to rule on stablecoin fungibility. Either answer moves a cost onto someone: holders lose reserve visibility, or European liquidity splits in two.
Reality
Tether Gold took $237M of the 30-day inflow at a $2.48B cap. XAUT and Paxos Gold together hold 93-97% of the category, and that concentration is the thing to underwrite.
Reality
Aave V3 holds more than half of all gold tokens pledged across DeFi lending, but only about 1.5% of the $4.2 billion PAXG and XAUT supply has been posted as collateral anywhere.
Reality
Paolo Ardoino's August 15 denial followed a report placing Tether in a $1bn "stablechain" race with Stripe and Circle. The line he drew was between funding chains and running one.
Reality
A Solana memecoin launchpad ranked third in seven-day protocol revenue behind Tether and Circle, according to DefiLlama data. The dollars are real; the durability is the open question.
Reality
Tether says KPMG issued an unqualified opinion on its 2025 financial statements, retiring the attestation era. What is left to argue about is what the audit actually covered.
Reality