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Tether eyeing ‘Big Four’ firm for reserve audit: CEO

Published

4 days ago

March 22, 2025

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Tether is reportedly looking to tap a Big Four auditor for its U.S. dollar pegged stablecoin’s reserves.

According to Paolo Ardoino, the chief executive officer of Tether, the company is “engaging” one of the top accounting firm in the world with a view to getting its Tether (USDT) reserves audited.

Reuters highlighted this development in a report published on Friday, March 21, 2025.

Per the report, Ardoino sees the crypto regulatory environment under U.S. President Donald Trump as a positive development for the industry.

Getting a Big Four auditor – the global professional services firms Deloitte, EY, formerly Ernst & Young, PricewaterhouseCoopers and KPMG – to audit Tether’s USDT reserves is possible in the US under Trump, Ardoino noted.

Controversy has surrounded Tether and its reserves since the company’s unveiling of the stablecoin in 2014.

The company has weathered most of the criticism since, emerging as one of the most important crypto projects in the market.

So far, Tether has issued over $140 billion USDT, stating in various attestation reports that every dollar-pegged token is backed 1:1.

But many have pointed to what they call a lack of transparency.

Given the latest regulatory developments including in the U.S., having one of the top accounting and consulting firms take up Tether’s reserves audit may be a huge step forward for the company.

“It’s our top priority,” the Tether exec said. “Now we are living in a landscape where it’s actually feasible.”

While Ardoino notes this move is in the pipeline, he did not disclose any specifics with regard to who the stablecoin issuer is talking to, or when the audit may happen.

Reports that Tether is looking to engage a Big Four accounting firm to verify USDT reserves comes as the U.S. heads towards a stablecoin regulation bill.

Earlier in the week, in an address at the Digital Asset Summit in New York, President Trump urged Congress to pass the stablecoin legislation.

Meanwhile, Tether recently appointed Simon McWilliams as its chief financial officer.

As CFO, McWilliams’ role includes heading Tether’s effort to have a full financial audit.

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Bitcoin

Bitcoin Correction to $76,000 Likely a Downside Deviation, According to Crypto Analyst – Here’s Why

Published

1 hour ago

March 26, 2025

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An analyst who accurately called Bitcoin’s correction in early 2024 believes BTC remains in a bull market after bouncing from a 2025 low of $76,000.

Pseudonymous analyst Rekt Capital tells his 542,00 followers on the social media platform X that Bitcoin’s current bull market cycle has yet to reach a peak.

“BTC bull market progress: 82.5%. (Progress will speed up on parabolic advances and slow down on deeper retraces).”

The analyst also tells his 107,000 YouTube subscribers that Bitcoin’s latest correction to $76,000 is not the sign of a beginning bear market based on historical precedence.

“Many people have been talking about this being a bear market, but it does look like it is a downside deviation period very similar to what we’ve seen back in the past. Obviously, these downside deviation periods are changing across time, but it’s really important to look at the charts in a level-headed manner and try and look at it in an unbiased way and not scream bear market whenever we see a pullback that is actually very similar to the one we saw here [in 2024].

This was a 32% pullback [in 2024]. This is a 30% pullback [when Bitcoin corrected to the $76,000 range this month], so very similar downside deviation in that regard, but really important to keep level-headed and look at the data, look at the chart, and zoom out when in doubt.”

In technical analysis, a downside deviation is a setup where an asset breaks its immediate support to print a false breakdown before igniting a recovery and rallying to new highs.

Bitcoin is trading for $88,028 at time of writing, up 3.4% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin

GameStop Approves Adding Bitcoin To Treasury Reserves

Published

1 hour ago

March 26, 2025

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GameStop Corp. (NYSE: GME) announced that its board of directors has unanimously approved an update to the company’s investment policy, allowing Bitcoin to be held as a treasury reserve asset. The decision follows a series of engagements between GameStop Chairman and CEO Ryan Cohen and prominent figures like Michael Saylor in the Bitcoin industry.

On February 8, Cohen met with Strategy Chairman and well-known Bitcoin advocate Michael Saylor, sparking speculation that GameStop may be adding BTC to its balance sheet. A couple weeks after, Cohen responded to CoinDesk via a tweet stating “Letter received.” after receiving a letter from Strive Asset Management CEO Matt Cole, which urged GameStop to adopt Bitcoin as a reserve asset.

In its announcement, GameStop noted that its investment policy now permits investments in “certain cryptocurrency assets, including Bitcoin and U.S. dollar-denominated stablecoins.” The company also acknowledged associated risks, including the potential impact of these investments on its financial results and internal financial controls.

The policy update was disclosed alongside the company’s financial results for the fourth quarter and full fiscal year ended February 1, 2025.

For the fourth quarter, GameStop reported net sales of $1.283 billion, a decrease from $1.794 billion in the same period the prior year. Selling, general and administrative (SG&A) expenses fell to $282.5 million, compared to $359.2 million in the fourth quarter of the previous year. Net income for the quarter was $131.3 million, up from $63.1 million a year earlier. Adjusted EBITDA for the quarter was $96.5 million, compared to $88.0 million in the prior year’s fourth quarter.

GameStop also disclosed that it held $4.775 billion in cash, cash equivalents, and marketable securities at the end of the quarter. The company completed its exit from Italy and finalized the wind-down of store operations in Germany during this period.

For the full fiscal year 2024, GameStop reported net sales of $3.823 billion, down from $5.273 billion in fiscal year 2023. SG&A expenses for the year were $1.130 billion, compared to $1.324 billion in the prior year. Net income for the year reached $131.3 million, significantly higher than the $6.7 million reported in fiscal year 2023. Adjusted EBITDA for the full year was $36.1 million, compared to $64.7 million in the previous year.

The company has not yet disclosed how much Bitcoin it plans to purchase or when it will begin acquiring BTC, and CEO Ryan Cohen has not yet commented publicly on the addition of Bitcoin to GameStop’s balance sheet at the time of publishing.

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Altcoins

Solana Rises As BlackRock Brings Its $1,700,000,000 Tokenized Treasury Fund to Ethereum Rival’s Chain

Published

9 hours ago

March 25, 2025

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Solana (SOL) is green on the day on reports that BlackRock is moving its blockchain-based money market fund onto the Ethereum (ETH) competitor’s network.

Fortune reports that the world’s largest asset manager is adding its $1.7 billion BlackRock USD Institutional Digital Liquidity Fund (BUIDL) to the Solana blockchain.

Solana is trading for $145 at time of writing, up nearly 19% in the last week.

Launched a year ago, BUIDL uses traditional money market funds, which investors use to store cash in the near term and earn yield on it, combined with blockchain payment properties.

Solana is now the seventh blockchain compatible with the tokenized money market fund BUIDL, after its initial launch on Ethereum.

BlackRock’s technology partner, Securitize, says the fund is expected to exceed $2 billion in cash and Treasury bills by early April.

Says Michael Sonnenshein, COO at Securitize,

“We’re making [money market funds] unboring. We are advancing and leapfrogging some of the quote-unquote deficiencies that money markets may have in their traditional formats.”

One benefit BUIDL offers over traditional money market funds is 24/7 trading.

Says Lily Liu, president of the Solana Foundation,

“Our vision for why on-chain finance adds more value is because you can do more things with those assets on chain than you could if [they’re] sitting in your brokerage account.”

BUIDL is part of BlackRock’s long-term digital asset strategy, which includes its spot-Bitcoin (BTC) exchange-traded fund (ETF).

According to BlackRock CEO Larry Fink, the future of finance includes the “tokenization of every financial asset.”

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