Trust is the softest asset, and Tether's attestation partner BDO Italia might be bruising it. With a $250 million fine from Italian regulators and past charges from the SEC, BDO's name brings more heat than clarity. Yet, it’s still signing off on Tether’s XAUT reports - without disclosures, without primary statements, without meeting global standards.
All while gold soars. Since Trump’s tariff proposal on April 2, the metal’s up 7%, feeding risk-off appetites. Central banks are buying more; so are institutions. And Tether Gold’s market cap swells in sync, raising questions with every million.
Meanwhile, the other fever - yield - is peaking. Coinbase rolled out a Bitcoin yield fund aiming for 4-8% APY, running cash-and-carry like it’s harvest season. Ledger is tapping DeFi yields for stablecoins via Kiln, offering up to 10% from protocols like Aave and Morpho. And Solstice Labs joins in with USX, a SOL-backed, delta-neutral, staking-driven stablecoin—because in a year of yields, everyone wants a slice.
Gold-backed or not, it’s still the returns people chase. And who signs the paper might just matter more than what’s written on it.
