Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.

GM!

Today’s top news:

• Crypto majors continue slide, BTC at $62.8k
• SEC delays meeting to discuss crypto regulation
• Trezor data breach exposes customer addresses
• Kalshi raising $750M at $40B valuation
• Lighter debuts $20M+ points program with Robinhood Wallet

🏦 Tether Finally Got a Real Audit, and KPMG Signed Off

Tether said Thursday that Big Four accounting firm KPMG issued an unqualified opinion — the best possible result — on its 2025 financial statements.

Tether, the company behind the leading stablecoin USDT, called it the “largest inaugural financial audit in history” and said KPMG examined its assets, liabilities, income, cash flows, internal systems, records, counterparties, and supporting documentation. Tether also said KPMG physically counted and inspected every individual gold bar the company holds, rather than relying on custodian reports.

For years, Tether has faced questions about whether USDT is truly backed. Most of its history featured quarterly attestations, which are lighter reviews than a full audit, and critics long treated the absence of a comprehensive audit as a warning sign. That skepticism was reinforced by enforcement actions: Tether paid an $18.5 million settlement to New York in 2021 over misrepresenting its reserves, and the CFTC fined it $41 million the same year for claiming USDT was fully backed by dollars when it was not at all times. A clean opinion from a Big Four firm is the milestone the company had long promised but had not previously delivered, which matters because USDT remains deeply embedded across crypto trading, payments, and liquidity markets.

“No rock was left unturned. Tether has all the gold it says it has. Now reviewed by KPMG. How many financial institutions or governments can actually say that?” Paolo Ardoino wrote in an X post on August 13, 2026.

"As part of the process, KPMG physically counted and inspected every individual gold bar held by Tether, verifying the… — Paolo Ardoino 🤖 (@paoloardoino) August 13, 2026

CEO Paolo Ardoino also framed the audit as a response to “several years of detractors’ false claims, competitors’ lies, political attacks and misinformed coverage,” and said Tether’s governance has matured alongside its balance sheet.

The audit arrives as Tether pushes more aggressively into the US market, including a domestic stablecoin launch and discussions with regulators under the new GENIUS Act framework. That makes the timing notable: a clean audit could support the company’s pitch as it seeks broader acceptance in a more formalized regulatory environment. It also puts added pressure on competitors, especially Circle, which has long positioned itself as the transparent, regulated alternative to Tether, while Tether now argues it is better documented and more heavily scrutinized. The company remains a major force, reporting $1.5 billion in Q2 profit and holding more US Treasuries than most countries.

🌎 Macro Crypto and Markets

Crypto majors were slightly red, with BTC down 1% at $62.8k, ETH down 0.5% at $1,876, SOL down 0.8% at $75.50, and HYPE down 2% at $56.40.

Top alt movers included ethFi (+14%), ATOM (+10%), and CRO (+3%).

Oil rose 0.5% to $81.5, while gold fell 0.5% to $4,400.

Stock futures were mixed after the S&P hit another new all-time high, with the Dow down 0.1% and the Nasdaq up 0.2%.

The SEC postponed its planned open meeting on crypto rulemaking because of a scheduling conflict.

Trezor customer data was exposed in a shipping-partner breach after a hack leaked the names, phone numbers, email addresses, and home addresses of thousands of the hardware-wallet maker’s customers.

Kalshi is in talks with Sequoia and Wellington for a $750 million raise at a $40 billion valuation, confirming the blockbuster prediction-market round as the platform’s revenue doubles to a $4 billion run rate.

The White House is expected to host a gathering for crypto and prediction-market officials next Wednesday, according to Politico.

Figure’s revenue doubled as its blockchain loan marketplace surged, with the tokenization lender posting $226 million in quarterly revenue, up 113%, and $87 million in net income as consumer-loan volume jumped 132% to $4.3 billion.

Gemini reported a $107.7 million Q2 net loss, its fourth consecutive loss, as platform assets dropped 54% to $8.4 billion despite 37% revenue growth, while the company leans on prediction markets and stock trading to diversify.

Corporate Treasuries & ETFs

The Bitcoin ETFs saw $131 million in net outflows on Thursday, while the ETH ETFs saw $5.9 million in inflows.

SharpLink is staking $200 million in ETH through Lido, with Anchorage as custodian.

Norway’s Sovereign Wealth Fund disclosed $82 million in BMNR holdings.

Meme Coin Tracker

Meme leaders were mostly red: DOGE -2%, SHIB -1%, PEPE -3%, PENGU -3%, TRUMP -1%, and BONK flat.

On Robinhood chain, Sleuth (+300%), Robbie (+49x), Stackers (+300%), and AI (+40%) led the market; Cashcat fell 10% to $135 million.

On Solana, Cate (+14%), momota (+40%), and neet (+14%) led the market, while Ansem stood at $190 million.

💰 Token, Airdrop & Protocol Tracker

Lighter launched a $20 million points program with Robinhood Wallet, where users will earn points toward an airdrop by trading perps.

Pump Fun launched “Callout Rewards,” which allow traders to get paid based on the volume of tokens they call in the app.

The Fomo App team said its app had more than 900,000 active users in the past 30 days.

Ether.fi added tokenized stocks and portfolio-backed loans, extending its staking platform into crypto banking.

🚚 What is happening in NFTs?

NFT leaders were flat: Punks were even at 31.7 ETH, BAYC even at 8.17 ETH, and Pudgy even at 3.92 ETH, while Stonkbrokers rose 16% to 11.6 ETH.

New project Stackers saw 250 ETH in volume and ran to a 0.3 ETH floor.

Fuego (+100%) and Frens (+100%) led the top movers.

Daily Debrief Newsletter