Tether has reportedly hired KPMG for its first full independent audit of USDT’s reserves and brought in PwC to help, as the stablecoin giant eyes a multibillion-dollar equity raise. The Financial Times reported on Friday that Tether has hired KPMG to conduct its first full audit of USDT’s financial statements and brought in PwC to help prepare its internal systems, citing people familiar with the matter. The reported mandate follows Tether’s Tuesday announcement that it had formally engaged a Big Four firm for an inaugural financial statement audit, without naming the provider, and comes after years of pledges to deliver a full review of its books while relying instead on periodic reserve attestations from BDO Italia, the Italian member firm of the BDO global accounting network that has been producing USDt (USDT) assurance reports since 2022. The move comes as Tether (USDT) weighs a major equity raise and a push into the US under the new federal stablecoin framework created by the Guiding and Establishing Nat...
Not all whales have been accumulating; two moved tens of millions of dollars to exchanges on March 19 as Bitcoin fell amid an escalation of the Iran conflict. Large Bitcoin holders accumulated 61,568 more Bitcoin over the past month against the backdrop of escalating conflict in the Middle East and macroeconomic uncertainty. Whales and sharks, defined as those holding between 10 and 10,000 Bitcoin (BTC), have increased their holdings by 0.45%, while wallets with under 0.01 Bitcoin have added 0.42%, or 213 BTC, over the past month, Santiment said in an X post Thursday. The figures support recent data showing that Bitcoin exchange outflows have persisted throughout March, indicating that Bitcoin holders are accumulating rather than looking to sell. Read more
It’s estimated that Xinbi processed more than $19.9 billion in illicit flows between 2021 and 2025 and that the platform is deeply interconnected with a range of other illicit services. The UK government is cracking down on a $20 billion Chinese-language crypto guarantee marketplace, with sweeping sanctions aimed at cutting the platform off from crypto access. The UK’s Foreign, Commonwealth & Development Office said in a statement Thursday that Xinbi provides crypto-based services, scam-enabling tools and other illicit services to bad actors and plays a central role in scam centers operating across Southeast Asia. “The UK’s sanctions will isolate the platform from the legitimate crypto ecosystem, significantly disrupting its operations by affecting its ability to send and receive cryptocurrency transactions,” the agency said. Read more
Kalshi has already listed specific markets that ARK Invest is interested in, such as non-farm payroll markets and deficit-to-GDP (gross domestic product) ratio markets. Tech-focused asset manager ARK Invest said it will start using Kalshi’s prediction market data to improve how it makes its investment decisions, one of the latest cases demonstrating the broader value of prediction market data beyond trading. According to a statement from Kalshi, ARK will use prediction market data to gauge real-time expectations and guide its existing market-based research, in addition to analyzing performance indicators such as trading volume, regulatory approvals and technological milestones. ARK will also use the data for risk management and hedging strategies. “Bringing prediction markets into institutional workflows is a natural next step for innovation in financial research,” ARK Invest founder and CEO Cathie Wood said Thursday, while the company’s research director, Nick Grous, said prediction markets “offer some of th...