Crypto Industry News & Market Trends

Tether gets unqualified KPMG opinion in first full audit

Tether has completed its first independent financial statement audit, with KPMG U.S. issuing an unqualified opinion after reviewing its 2025 accounts and a reported $6.814 billion reserve surplus.　　Tether said Thursday that KPMG U.S. conducted the audit of Tether International, S.A. de C.V. under applicable professional standards and issued an unqualified opinion on the companys financial statements.　　KPMG‘s opinion covers Tether’s full 2025 accounts　　Rather than examining only a reserve report at a particular date, KPMG reviewed the companys financial position as of Dec. 31, 2025, along with its operating results and cash flows for the full year. The audit covered the balance sheet, income statement, statement of changes in equity, and cash flow statement.　　According to Tether, KPMG concluded that the statements “present fairly, in all material respects” the companys financial position and results under U.S. generally accepted accounting principles.　　An unqualified opinion means the auditor did not attach reservations, exceptions, or qualifications to its conclusion. Tether described the result as a clean audit, although the opinion applies specifically to the audited 2025 financial statements and the related evidence examined by KPMG.　　The audit also tested the records supporting individual balance-sheet entries. KPMG examined transactions, internal systems, asset ownership, valuations, counterparties, and documents used to

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Crypto Group Warns Fed Could Use Banking Access to Squeeze Digital Asset Firms

In briefThe Blockchain Association filed an amicus brief supporting Custodia Banks petition for Supreme Court review.Custodia is challenging a ruling that upheld the Feds denial of its master account application.The group says the case could shape how much power federal regulators have over state-chartered banks.　　The Blockchain Association is urging the Supreme Court to take up Custodia Banks fight with the Federal Reserve, arguing the central bank should not have the broad power to deny payment system access to eligible state-chartered banks.　　In the amicus brief filed on Wednesday supporting Custodias petition, the crypto trade group said a lower court ruling in favor of the Fed gives federal regulators a quiet way to cut lawful businesses out of the banking system.　　Myriad: Will the Clarity Act be signed into law in 2026？ Click to make your prediction.　　The decision ratifies the Feds misuse of its payment services to further an impermissible policy goal—debanking the digital-asset industry, the Blockchain Association wrote.　　An amicus brief is a legal filing from someone who is not a party to a case but wants to give the court additional arguments or context. Here, the Blockchain Association is supporting Custodias request that the Supreme Court review the dispute.　　At issue is Custodias

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CFTC to discuss crypto and AI rules at first IAC meeting

The CFTC has scheduled a three-hour meeting for Aug. 20 to examine crypto assets, artificial intelligence, prediction markets, and its recent work across the three sectors.　　CFTC meeting will put crypto and AI policy on the agenda　　The Commodity Futures Trading Commission said in an Aug. 11 Federal Register notice that its Innovation Advisory Committee will hold its inaugural meeting on Aug. 20, bringing members together to discuss crypto assets, artificial intelligence, and prediction markets.　　Scheduled to run from 1 p.m. to 4 p.m. Eastern Daylight Time, the meeting will take place in person for committee members in Washington. Members of the public will be able to follow the proceedings virtually, and the session may finish before 4 p.m. if the committee completes its business early.　　The CFTC said recent agency activity involving the three areas will also form part of the discussion. Its notice does not identify a proposed rule that members will vote on, nor does it state that the meeting will produce immediate policy changes.　　Rather, the IAC advises the commission on issues where technology, law, policy and finance overlap. Its recommendations may inform the agencys work, but the committee does not independently adopt or enforce CFTC regulations.　　Chairman Michael S. Selig, who

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FCA, HTX in Settlement Talks Over Illegal UK Crypto Promotions: Report

In briefBritains Financial Conduct Authority and HTX are in talks to settle the regulators claim that the exchange illegally promoted crypto services to UK consumers.The High Court has paused proceedings until late August to let the two sides reach a deal, Reuters reported from court filings.The FCAs claim names a Panamanian company and four categories of “persons unknown,” including anyone who takes over the exchange before October 2028.　　The Financial Conduct Authority and HTX are “in talks” to negotiate a settlement in the regulators case over unlawful crypto promotions to UK consumers, with Londons High Court pausing proceedings until late August to let the two sides reach terms, Reuters reported from court filings. The sides exchanged emails in March, opened three months of talks and extended them by a further two on June 25.　　The FCA issued proceedings in the Chancery Division on October 21 last year, in the first enforcement action of its kind against a crypto exchange over marketing, with the claim itself published in February. It is seeking an injunction and a declaration that the defendants breached section 21 of the Financial Services and Markets Act, which bars unauthorized financial promotions.　　The particulars of claim name Huobi Global S.A., a

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Trezor shipping provider breach exposes personal data of nearly 14,000 customers

Quick TakeA breach at Trezor‘s shipping partner ShipMonk exposed customer names and contact information, including nearly 12,000 customers’ phone numbers and shipping addresses.Victims could now be at higher risk of phishing attempts or, in the worst case, targets of violent attacks.　　Nearly 14,000 Trezor customers had their personal information exposed in a breach at shipping provider ShipMonk, most of whom had their names, phone numbers and home addresses exposed.　　According to a Trezor announcement late Wednesday, ShipMonk informed the hardware wallet manufacturer on Monday that an unauthorized party had accessed the systems holding customer order data.　　It specified that the names, email addresses, phone numbers and shipping addresses of 11,742 customers had been exposed. Another 1,947 customers had their names, cities and email addresses leaked, bringing the rough estimate of victims to around 13,700 across the U.S., UK, Sweden, Colombia, Brazil, Italy and Portugal.　　Trezor said the breach does not affect its internal systems and that the hardware wallets themselves remain secure.　　“This is the first time since Trezor was founded in 2013 that we have experienced a breach that exposed customer phone numbers and shipping addresses,” the company said.　　The exposed customers are now at a higher risk of being targeted by phishing campaigns, where

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Bitcoin continues ranging as crowded longs meet soft inflation, the quietest tape since 2019: analysts

Quick TakeBitcoin drifted below $64,000 on Thursday and couldnt build on two straight days of benign inflation data.Glassnode read the muted response as confirmation that demand has gone missing, while one analysts argued against the cautious consensus.　　Bitcoin (BTC) stayed range-bound on Thursday, pinned below $64,000, as soft inflation data failed to lift crypto market sentiment.　　Julys Consumer Price Index (CPI), out Tuesday, was largely unchanged — core inflation slipped a tenth to 2.5% and the headline rate stayed flat. Soft wholesale inflation data on Thursday still failed to bring in any meaningful buying interest.　　Indeed, wholesale inflation gave the market nothing to fear on Thursday. The Producer Price Index (PPI) for final demand was unchanged in July, with services up 0.2% and goods down 0.7%, and rose 4.7% over the 12 months ended in July, according to the Bureau of Labor Statistics. Initial jobless claims rose to 209,000 for the week ending Aug. 8, above expectations of 202,000.　　The muted reaction concerns Glassnode analysts more than the data.　　“A weak response to good news is itself a warning,” Glassnode wrote, reading the failure to rally as a sign that demand remains missing.　　Bitcoin price after soft July inflation data | Image: The Block.Pinned between two

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Ether.fi adds tokenized stocks, metals and Aave-powered portfolio loans in latest 'neobank' expansion

Quick TakeEther.fis non-custodial neobank app “Summer” upgrade adds tokenized stock and metal trading, full-portfolio borrowing via Aave, and expanded global fiat payments, among other updates.The protocol said it is trying to be “less crypto-forward,” aimed at attracting “a much broader audience.”　　Ether.fi launched an upgraded version of its non-custodial “neobank,” integrating trading in tokenized stocks and metals, portfolio borrowing via Aave, expanded global fiat payments, and programmatic buybacks of its ETHFI token into a single app designed as an alternative to traditional banks, according to an announcement on Thursday.　　The projects “Summer” release allows users to buy tokenized equities and commodities through xStocks alongside crypto assets, hold them in self-custodial vaults with social recovery, and borrow against their full portfolio at DeFi rates currently near 4% to fund spending on the ether.fi Cash card or other transfers.　　In the announcement, Ether.fi noted its updated app is “less crypto-forward,” and aimed at attracting “a much broader audience.”　　“With ether.fi, were bridging the gap between decentralized finance and everyday financial needs,” ether.fi CEO Mike Silagadze said. “Our goal is to replace the traditional bank for most users and give them tools and benefits that were previously available only to institutions and high-net-worth individuals. That is the

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Swissquote cuts full-year guidance as 1H crypto income plunges, shares slide

SummarySwissquote cut its full-year revenue and profit forecasts after net crypto income plunged 66.2% in the first half.Crypto trading volumes slid 63.5% to 2.58 billion Swiss francs ($3.2 billion).Shares in Swissquote Group fell 14% following the announcement.　　Swiss banking firm Swissquote Group (SQN) cut full-year revenue and profit forecasts after first-half net crypto income fell 66.2% to 14.6 million Swiss francs ($18 million).　　Crypto trading volume at the Gland, Switzerland-based fintech dropped 63.5% to 2.58 billion Swiss francs, according to its results presentation. The company cut its net revenue outlook for the year by around 30 million francs to 730 million francs.　　Swissquote said price declines across most cryptocurrencies caused the business to miss its initial assumptions. Bitcoin , the largest cryptocurrency, fell 33% in the six months ended June 30. Ether , the second-largest, dropped 47% and the CoinDesk 20 Index (CD20) lost 40%.　　“The revised guidance now reflects a weaker-than-expected crypto environment,” Swissquote wrote.　　Swissquote also booked a 5.3 million-franc loss on the crypto inventory it holds to support trading on its SQX exchange.　　Growth in areas such as non-crypto trading and interest income helped keep revenue broadly level and limited the decline in profit. Client assets rose nearly 20% to 96.3 billion francs.

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Ethereum DeFi Platform Ether.fi Adds Tokenized Stocks and Portfolio-Backed Loans

In briefEther.fi is adding tokenized assets and loans backed by multiple holdings.Fiat accounts will support more than 30 currencies and payment methods.Tokenized stocks and metals will not be available to U.S. users.　　Ether.fi, a decentralized finance platform known for Ethereum staking, is adding tokenized asset trading, portfolio-backed loans, and fiat accounts to its self-custodial app.　　Announced on Thursday, Ether.fi said users can now trade tokenized stocks, metals, and crypto assets through its app. An integrated market using decentralized lending protocol Aave on Optimism, an Ethereum scaling network, also lets users lend assets, borrow against their portfolios without selling their holdings, and send or spend the proceeds. New fiat accounts support deposits and withdrawals worldwide.　　Myriad: Ethereum next price move？ Click the image to make your prediction.　　“Initially were supporting existing assets and select tokenized stocks and gold,” Ether.fi founder and CEO Mike Silagadze told Decrypt. Those existing assets include Ethereum, Bitcoin, Hyperliqud, and ETHFI, Ether.fis native governance token, said Silagadze. “Quickly well start adding additional assets as collateral.”　　According to Ether.fi, fiat accounts will be available to users who have completed the identity checks required for its payment card. Deposit and withdrawal speeds will vary.　　Ether.fi is also introducing automated buybacks of ETHFI and offering 3%

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MUFG to test Japanese government bond repos on Canton Network

Four companies within Mitsubishi UFJ Financial Group have launched a proof of concept to test Japanese government bond repo transactions on the Canton Network, with the project targeting automated processing and 24-hour on-chain settlement.　　SummaryFour MUFG companies will test Japanese government bond repo transactions on the Canton Network.The proof of concept will examine automated transaction processing and real time settlement available 24/7.Digital Asset Holdings and Progmat will participate in the trial alongside MUFG, Mitsubishi UFJ Morgan Stanley Securities, Mitsubishi UFJ Trust and Banking and MUFG Bank.The project is part of Japans FSA backed Payment Innovation Project for testing blockchain based payments and settlement.　　According to a Thursday announcement from MUFG, Mitsubishi UFJ Morgan Stanley Securities, Mitsubishi UFJ Trust and Banking and MUFG Bank will work with Digital Asset Holdings and Progmat on the trial.　　The companies plan to examine whether blockchain infrastructure can automate more of the repo transaction lifecycle while allowing transactions to settle in real time throughout the day. The participants will also assess whether the model can improve the use of funding and capital.　　Repo transactions generally involve one party selling securities to another while agreeing to repurchase them later. In the planned trial, Japanese government bonds will form the securities

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