Tether Claims 'Largest Inaugural Financial Audit' as KPMG Signs Off on 2025 Statements
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Tether completes first full financial audit, receives clean KPMG opinion
KPMG’s audit covered Tether’s 2025 financial statements and found its reserves exceeded liabilities by $6.8 billion.
Tether burned 2.5 billion USDT on Ethereum in a single day, the largest single-day destruction since February.
According to Mars Finance, on July 8th, CryptoQuant, citing on-chain data analysis, reported that on July 7th, the Tether Treasury burned $2.5 billion worth of USDT on the Ethereum network, the largest single burn on the network since February this year. This surpasses the $2 billion burn on May 8th and is second only to the historical high of $3.5 billion on February 10th. Simultaneously, the USDT balance flowing in and out of Binance via the Tron network fell to approximately $806 million, the lowest level since December 29th, 2025 ($391 million), falling below the $1 billion mark, indicating a significant contraction in USDT liquidity through the Binance Tron channel. While the large-scale burn by the Tether Treasury primarily reflects redemptions, fund management, or cross-chain rebalancing operations, it is not a direct market signal. However, the simultaneous contraction in Ethereum supply and Binance Tron liquidity warrants continued monitoring to see if the trend of synchronized tightening of liquidity in both stablecoin chains continues.
Morning Minute: Tether Finally Gets An Audit
It seems Tether passed, putting an end to the longest-running open criticism of the leading stablecoin company.
Using donations to buy a Ferrari? The leader of the UK Reform Party claims the $6.7 million donation from Tether shareholders was an "unconditional gift."
According to Mars Finance, on June 24th, Nigel Farage, leader of the Reform Party in the UK, responded to the news of accepting a £5 million (approximately $6.7 million) gift from Tether shareholder Christopher Harborne, stating that the funds were an "unconditional gift" and how they were used was entirely a personal matter. He added, "If I wanted, I could use it to buy a Ferrari." Currently, the UK Parliament's Standards Commissioner is investigating whether Farage should declare this gift if he is elected as a Member of Parliament in 2024. According to regulations, newly elected MPs are usually required to declare high-value gifts received in the previous year. Harborne is a British-Thai businessman who holds approximately 12% of Tether, the issuer of the stablecoin USDT, and is one of the main donors to the Reform Party. Facing external questions about whether the gift might affect his support for cryptocurrencies, Farage denied this, stating that he has long supported the development of the crypto industry and advocates for establishing a UK Bitcoin reserve and reducing capital gains tax on digital assets. It is worth noting that this personal gift is separate from Harborne's political donation to the Reform Party, and neither was paid in cryptocurrency.
"Kuaizao Technology" completes 1 billion yuan financing, the largest single financing in the primary market for consumer-grade 3D printing.
36Kr has exclusively learned that Snapmaker, a consumer-grade 3D printing company, recently completed a new round of financing totaling 1 billion yuan. This round was led by Cathay Capital, with participation from TAL Education Group's strategic investors. Existing shareholders, including Meituan Strategic Investors, Meituan Dragon Ball, Hillhouse Capital, and Shunwei Capital, significantly oversubscribed. Gaohu Capital served as the exclusive financial advisor. This is one of the largest single financing rounds in the consumer hardware sector since 2025, and also the largest single financing round in the primary market for consumer-grade 3D printing in the past two years.
Kraken's parent company wins $22 million arbitration case against auditing firm Mazars.
Odaily that Kraken's parent company, Payward, has won an arbitration against its former auditing firm, Mazars USA, with the arbitrator ruling that Mazars must pay Payward $22 million. Payward is currently seeking confirmation of the arbitration award and a final judgment from the Delaware Court of Chancery. The controversy stemmed from the peak of "Operation Choke Point 2.0" in 2022. Payward claims that Mazars abruptly withdrew from an audit of Kraken that was nearly complete, without finding any problems with the company, but this move damaged Kraken's reputation and forced it to spend years and significant legal fees clarifying its situation. Payward co-CEO Arjun Sethi stated that auditing is not a "gift" for crypto companies, but rather a critical infrastructure for maintaining trust with banks, licenses, counterparties, and regulators. An auditing firm withdrawing without finding anything negative leaves the company unjustly shrouded in suspicion. "Operation Choke Point 2.0" is the crypto industry's term for the regulatory pressure exerted during the Biden administration, referring to the informal pressure exerted by US regulators on banks to restrict services to crypto businesses after the FTX collapse. Sethi stated that the US FDIC sent at least 25 letters to 24 banks, demanding that they suspend or avoid expanding their crypto-related businesses. This ruling is also seen as a legal counterattack by the crypto industry against such regulatory pressure.