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Tether Seeks To Raise $200 Million For Tokenized Gold Treasury – Report

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According to a recent report, the world’s largest stablecoin company, Tether, and a partner firm are looking to raise capital for a digital asset treasury company that would accumulate its tokenized gold.

Tether To Launch Digital Asset Treasury Firm With XAUT: Report

On Friday, October 3rd, Bloomberg reported that Tether and financial services firm Antalpha Platform Holding are leading an effort to raise at least $200 million to set up a digital asset treasury company. Citing unnamed sources close to the matter, this public vehicle would use the capital to purchase XAUT, Tether’s gold token.

Bloomberg revealed that Antalpha Platform Holding has close ties to Bitmain Technologies, the world’s largest Bitcoin hardware supplier based in China. According to a report from the University of Cambridge Judge Business School, the Bitcoin hardware manufacturer supplies about 82% of the world’s crypto mining machines.

Bloomberg posited that this capital-raising effort would further strengthen the relationship between two of the largest companies in the global crypto industry. Meanwhile, this venture would represent a continuation in digital asset treasury companies’ craze happening this year, with more than 80 firms set up so far in 2025.

Furthermore, the report revealed that asset manager Cohen & Company is the lead advisor on the deal, with further talks kept private. While most parties declined to comment, Tether reportedly pointed out a post on the social media platform X about its recent announcement with Antalpha.

Source: @paoloardoino on X

As per the post on X, Antalpha revealed that it would be integrating Tether Gold into its Real-World Assets (RWA) Hub, offering tokenized gold-backed lending and infrastructure solutions. The financial services firm also announced that it would set up physical vaults in major financial centers around the world to allow holders to exchange the tokens for gold bars.

This move to offer XAUT-backed lending came after Tether had purchased an 8.1% stake in Antalpha during its initial public offering (IPO) earlier in May 2025. 

Tether Gold, launched in 2020, offers investors an exposure to gold without physically owning the metal. With a market capitalization of about $1.5 billion, Tether claims that the almost 250,000 XAUT tokens in circulation are backed by an equivalent of more than 7.66 tons of gold.

USDT Market Cap At $175 Billion

At the same time, Tether owns the largest dollar-backed stablecoin and the fourth-largest digital asset in the cryptocurrency market, with a market cap of more than $175 billion.

The USDT market cap at $176 billion on the daily timeframe | Source: USDT chart on TradingView

Featured image from Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Stripe's USDC Transfers Exceed $100 Million on Polygon, Base, Ethereum
NFT Gaming

Stripe’s USDC Transfers Exceed $100 Million on Polygon, Base, Ethereum

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  • Stripe hits $100 million in USDC transfers across Polygon, Ethereum, Base
  • More and more corporations join stablecoin race

Stripe, a leading global fintech company, hit an all-time high in USDC stablecoin transfers. In September 2025 alone, the platform processed over $17 million in USDC via three blockchains, with Polygon (POL) outshining Ethereum (ETH).

Stripe hits $100 million in USDC transfers across Polygon, Ethereum, Base

Stripe’s Global Financial Accounts service eclipsed a cumulative $100 million in transfers via the USDC stablecoin. This massive amount was processed on three blockchains: Polygon (POL), Ethereum (ETH) and Base.

Such results were shared by Alex Obchakevich, seasoned cryptocurrency researcher and investor, with his 64.5K followers on X yesterday, Oct. 3, 2025.

In September 2025, the platform set a new all-time high in terms of stablecoin rails’ usage. Stripe transmitted $17 million in USDC coins. Since May 2025, Polygon (POL) has been processing more value than Ethereum (ETH), the Dune dashboard by Obchakevich says.

In total, Polygon (POL) was responsible for $51 million in equivalent, Ethereum (ETH) processed $48 million, while Base totaled $3 million.

The service is available in over 100 countries and territories globally. Paxos, a U.S. fintech heavyweight, is handling the technical side of the integration.

More and more corporations join stablecoin race

In 2025, more and more Web2 digital payment systems are exploring the opportunities of stablecoins. Last week, PayPal launched Aave incentives for its PYUSD stablecoin.

As covered by U.Today previously, Ripple president Monica Long named TradFis integrating stablecoins as one of the hottest trends of 2025.

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While such integrations are associated with some technical and regulatory challenges, they definitely contribute to the adoption of stablecoins.

The aggregated supply of stablecoins is sitting at $310 billion as of press time.



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Game Reviews

Black Ops 6 On Game Pass Cost Microsoft $300 Million In Lost Sales

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Last year’s Call of Duty: Black Ops 6 was the first entry in the hit multiplayer military shooter to launch day-one on Game Pass in what reportedly turned out to be an expensive experiment for Microsoft. According to Bloomberg, making the game available for free to paid subscribers on console and PC cost the tech giant $300 million in lost sales of the 2024 best-seller. That data point adds some interesting context to Microsoft’s controversial decision to hike the price of Game Pass Ultimate by 50 percent this week.

A defining feature of Game Pass was the decision early on to release first-party games like Forza Horizon 5 and Halo Infinite on the service day-and-date. Bloomberg reports that this move was “controversial internally” due to the likelihood of cannibalizing sales of big games that take a lot of time and money to develop. The Verge reported last year that a similar debate arose around the decision of whether to put Call of Duty on Game Pass or not.

The former long-time head of Activision, Bobby Kotick, went on record during the 2023 FTC trial over Microsoft’s acquisition of the company saying that he didn’t think adding games like Call of Duty to subscription services made “commercial sense.” “I have a general aversion to the idea of multi-game subscription services,” he said at the time. “Maybe part of it is being in Los Angeles and having large, big media companies move their content to these subscription streaming services and the business results have suffered.”

But following the acquisition, Microsoft did exactly that. According to Circana’s U.S. market data, sales of 2024’s Black Ops 6 were 23 percent higher than Modern Warfare 3 sales over the same period, but 82 percent of those sales were on PlayStation compared to Xbox and PC. Subscription gaming services also saw a 16 percent jump year-over-year following the release of Black Ops 6.

If the move cost the company $300 million in lost sales, Microsoft would have needed around 15 million players to subscribe to Game Pass Ultimate for one month to make that up, or just 1.25 million over the course of an entire year. The numbers would be more dramatic for the even cheaper Game Pass PC tier where Call of Duty is also now available day-and-date. The price hikes this week change that math. Now, even if Black Ops 7 saw a similar drop in sales, Microsoft would need only 10 million new sign-ups for Ultimate in November to fill the gap, or just 834,000 over the length of a year.

This week’s Game Pass overhaul shows Microsoft is essentially continuing to back off its original day-one commitment. Game Pass Premium is the same price Game Pass Ultimate was a few years ago, but will only get first-party Xbox games a year after they’re out and it’s not guaranteed to get Call of Duty games at all. This might not be the last major change we see to the service in the near future, either. The company is reportedly testing a “free” ad-supported tier that will be exclusively cloud gaming and could keep raising prices on the higher tiers if it thinks a core audience will stick around.

Bloomberg reports that Microsoft CFO Amy Hood has “asked Xbox to find other ways to increase profit.” Instead of growing its share of the gaming market, the company now seems content to extract more from those already paying it.



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NFT Gaming

Suspected Crypto Scammer Linked to $580 Million in Stolen Funds Arrested in Bangkok

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In brief

  • Portuguese authorities suspect 39-year-old Pedro M. of orchestrating cryptocurrency and credit card fraud totaling €500 million across multiple countries including Portugal, Europe, the Philippines, and Thailand.
  • The suspect was discovered by a Portuguese journalist at a Bangkok luxury mall and arrested by Thai police using facial recognition technology.
  • Police say he’s been living illegally in Thailand since 2023.

A Portuguese man who police suspect of orchestrating cryptocurrency and credit card fraud worth $580 million (€500 million) has been apprehended in Bangkok, Thailand.

The man, identified as 39-year-old Pedro M. by English-language Thai newspaper Khaosod, was first spotted in a luxury shopping mall by a Portuguese journalist who was on holiday in the city.

Pedro’s last name was not confirmed by Khaosod, but his profile and images match that of Pedro Mourato, who’s well-known in Portuguese media.

Thai authorities say they confirmed his identity using facial recognition and biometric data. The police dispatched more than 10 plainclothes investigators to search the mall. Pedro M. was reportedly found while making a call on his smartphone with a “tense” expression.



Police say that Pedro, born in Lisbon, has been living in Thailand since 2023. He had managed to avoid an initial arrest warrant that was issued after he first entered the country and remained there. But he was there illegally after failing to renew his visa or officially register his address.

He reportedly continued his fraudulent activity in Thailand, allegedly defrauding investors of more than 1 million baht ($30,800) while in Bangkok. Citing Interpol databases, Khaosod says that Pedro has been implicated in frauds across the planet in Portugal, Europe, the Philippines, and Thailand.

Thailand Hits Back at Crypto Refugees

Fleeing to Thailand may not be an effective strategy for avoiding punishment for crypto crime. The Southeast Asian nation has nabbed plenty of suspected crypto criminals on the run over just the past year.

In May, a 30-year-old Vietnamese woman was arrested in Bangkok for her involvement in a cryptocurrency scam that allegedly deceived more than 2,600 victims and resulted in losses of roughly $300 million.

In August, Thai police apprehended a 33-year-old South Korean man at Bangkok’s Suvarnabhumi Airport for his alleged role in laundering cryptocurrency via gold bars for international criminals.

The same week, the 34-year-old “mastermind” of another fraudulent scheme was extradited to his home country of South Korea. The scheme was thought to have defrauded K-pop star Jungkook, a member of BTS, among many others.

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Shiba Inu
NFT Gaming

Shiba Inu Developers Respond To $4 Million Exploit With Detailed Update

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Following a significant exploit that compromised its Shibarium bridge, developers behind Shiba Inu (SHIB) have released a detailed update outlining their response to the incident. 

Shibarium Team Implements New Security Measures

According to a post-mortem report, the malicious attack involved a perpetrator submitting three fraudulent checkpoints to Shibarium’s Ethereum mainnet contracts, disrupting the continuity between Heimdall’s local state and the on-chain state. 

After the attack was detected, Shibarium’s Kaal Dhairya announced on social media platform X (previously twitter) that authorities had been alerted, while also expressing a willingness to negotiate with the attacker in exchange for the return of the stolen funds. 

However, no agreement was reached, and the attacker has since moved the stolen assets, leaving the Shibarium team to focus on recovery and security enhancements for the platform.

In light of this, Heimdall intentionally halted operations, pausing legitimate checkpoint submissions to prevent further damage. They also described the attacker’s method, which included a short-lived stake amplification strategy through a 4.6 million BONE delegation. 

This tactic allowed the attacker to cross operational thresholds and attempt to gain unauthorized control over the system. To address these issues, the Shibarium team organized their response into multiple overlapping workstreams, functioning around the clock in collaboration with Hexens.io, an independent reviewer. 

Their approach included daily stand-ups, continuous monitoring of changes, and strict separation of duties among team members responsible for infrastructure, contracts, validator operations, and testnets. 

This aimed to eliminate any single points of failure, employing hardware custody for keys and ensuring every critical change was rehearsed off-chain or on testnets prior to implementation.

Shiba Inu Dev’s Strategy To Compensate Affected Users 

As part of their actions, Shiba Inu devs introduced a rescue method in the StakeManager to recover at-risk BONE tokens. They executed the AdminConsumeLegacyBound function to clean up legacy unbond states associated with the attacker’s contract. 

This response verified that the staking ledger updates were successful, ultimately rescuing the 4.6 million BONE and removing the malicious delegation. Looking ahead, Shiba Inu developers detailed their plans for the near future, which include implementing blacklisting measures in the Plasma Bridge. 

These controls aim to prevent malicious actors from initiating or completing bridge transactions. Once these measures are in place and thoroughly verified, the team intends to restore full bridge functionality.

In addition to these technical updates, Shiba Inu developers are designing a comprehensive plan to ensure that affected users are made whole. 

This plan will incorporate gating, phased limits, and coordination with partners to facilitate safe bridging and withdrawals. Specific details will be communicated only when it is deemed secure to do so.

The daily chart shows SHIB’s price trending upwards. Source: SHIBUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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XRP and DOGE ETFs Push $500 Million Milestone for U.S. Investment Fund
Crypto Trends

XRP and DOGE ETFs Push $500 Million Milestone for U.S. Investment Fund

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Amid the growing buzz surrounding crypto ETFs, REX-Osprey. the first U.S. investment fund to launch XRP and DOGE ETFs, has celebrated a major milestone, according to its recent X post.

Following its announcement, the U.S.-based ETF issuer revealed that its suite of exchange-traded funds (ETFs) has surpassed a massive $500 million in combined assets under management (AUM), thanks to the recent launch of its Dogecoin and XRP ETFs.

The achievement marks a significant milestone for the firm, coming just months after REX-Osprey debuted its flagship ETF, $SSK, the first U.S. Solana staking ETF. Soon after, the firm expanded its offerings with three additional products tied to XRP, Dogecoin, and Ethereum.

Speculators note that the fund has continued to record strong daily inflows, largely driven by demand for the XRP and DOGE ETFs, which have collectively pushed its AUM volume to $500 million.

Just last month, REX-Osprey added $XRPR, the first U.S. spot DOGE ETF, and $ESK—the first U.S. ETH staking-focused ETF, expanding its lineup of crypto investment products.

Notably, these multiple offerings have allowed REX-Osprey to broaden investor access to both spot crypto exposure and staking strategies.

Crypto ETFs in spotlight as leveraged filings emerge

With REX-Osprey surpassing half a billion dollars in AUM, the milestone underscores rising investor demand for diversified crypto exposures that go beyond conventional investment products.

The milestone also coincides with Defiance ETFs’ decision to file for nearly 50 leveraged ETF products, including 3X exposure strategies tied to single stocks, other ETFs, and even crypto ETPs, according to a Bloomberg representative in a recent X post.

While these moves highlight growing interest and confidence in crypto ETFs, they also suggest that issuers are seeking alternative avenues for crypto exposure amid the ongoing government shutdown that has slowed ETF approvals.



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NFT Gaming

Avalanche Treasury Co. Coming With Foundation Support via $675 Million SPAC Deal

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In brief

  • Avalanche Treasury Co. is merging with Mountain Lake Acquisition Corp. in a $675 million deal, targeting a Nasdaq listing in Q1 2026 with $460 million in treasury assets.
  • An exclusive Avalanche Foundation partnership includes a $200 million initial AVAX purchase at a discount, offering investors 23% savings versus direct purchases.
  • The firm’s goal is to amass $1 billion in AVAX and actively drive ecosystem growth through protocol investments and enterprise partnerships.

A new treasury company is spinning up with the goal of amassing a significant amount of Avalanche cryptocurrency, with support from the Avalanche Foundation.

Avalanche Treasury Co. has announced a definitive business combination agreement with Mountain Lake Acquisition Corp. (Nasdaq: MLAC), creating a publicly traded company focused on institutional AVAX exposure.

The transaction is valued at over $675 million and includes approximately $460 million in treasury assets, the companies said, with an expected Nasdaq listing for the combined company in Q1 2026.



Boasting an “exclusive relationship” with the Avalanche Foundation—the entity that supports development and adoption of the layer-1 Avalanche blockchain network—the treasury will debut with an initial $200 million AVAX token purchase at a discounted price, plus an 18-month priority on Avalanche Foundation token sales to U.S. treasury firms.

According to the firm, it will offer investors entry at 0.77x net asset value—a 23% discount compared to direct AVAX purchases or passive ETF alternatives.

The company’s strategy centers on three pillars: targeted protocol investments to drive adoption, partnership activation with enterprises building blockchain infrastructure for real-world assets and payments, and direct support for institutional Avalanche L1 network launches.

Avalanche Treasury Co. aims to accumulate over $1 billion worth of AVAX following its IPO. AVAT frames its mission as serving as a “growth engine” for the Avalanche ecosystem, actively deploying capital to accelerate network development rather than simply holding tokens passively.

The firm’s leadership includes CEO Bart Smith, a Wall Street veteran from Susquehanna International Group and AllianceBernstein, alongside COO Laine Litman and Chief Strategy Officer Budd White. Ava Labs founder Emin Gün Sirer will serve as strategic advisor, while Chief Business Officer John Nahas is joining the board.

Avalanche Treasury’s advisory board features prominent crypto figures including Haseeb Qureshi (Dragonfly Capital), Jason Yanowitz (Blockworks), and Stani Kulechov (Aave). The transaction has attracted investors including Dragonfly, ParaFi Capital, VanEck, Galaxy Digital, Pantera Capital, and Kraken, among others.

In September, Bitcoin miner AgriFORCE announced a pivot towards Avalanche with plans to raise approximately $550 million to start stockpiling AVAX. The firm’s stock spiked 200% soon after the announcement but has since shed much of those gains, with the stock showing a 48% gain over the past month.

AVAX is down about 1% on the day to $30.23 and trading roughly flat on the week, even as assets like Bitcoin, Ethereum, and Solana post substantial gains.

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XRP Treasury Company Secures Additional $19 Million
Crypto Trends

XRP Treasury Company Secures Additional $19 Million

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VivoPower, which is known as an XRP treasury company, has issued new shares in order to raise a total of $19 million. 

Notably, the publicly traded firm is raising the aforementioned sum at $6.05 per share, which is higher than the current market price. This shows that there is significant demand. 

The newly raised sum provides the company with additional liquidity for future XRP purchases.

Gaining more XRP exposure 

The company previously announced another share offering under Regulation S, meaning that the funds would come from non-US investors. In this case, it was a $121 million private placement led by a Saudi prince. 

After adopting the Ripple-linked token as its core asset, VivoPower then partnered with XRPL-based yield generation protocol Doppler Finance to deploy an initial $30 million of XRP. 

Last month, the company also announced that it would acquire $100 million worth of privately held Ripple shares in order to enhance its exposure to the token. 

Moreover, it announced that it would be exchanging the tokens procured with the help of its proof-of-work (PoW) mining operation for XRP. 



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Warriors, Jonathan Kuminga agree on 2-year, $48.5 million deal
Esports

Warriors, Jonathan Kuminga agree on 2-year, $48.5 million deal

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Ending a summerlong stalemate, restricted free agent Jonathan Kuminga has agreed to a two-year, $48.5 million deal to return to the Golden State Warriors, agent Aaron Turner of Verus Basketball told ESPN on Tuesday.

The deal includes a team option in the second year that is designed for the Warriors — or another team if and when Kuminga is traded during the upcoming season — to rip up and complete a fresh new contract after the 2025-26 campaign, sources said.

Also Tuesday, the Warriors agreed to a one-year deal with free agent Seth Curry, sources told ESPN, teaming Stephen Curry with his younger brother as training camp begins Wednesday. However, the Warriors cannot enter the season with 15 standard players on the roster unless they make a trade, but Seth Curry is expected to be on the roster for the majority of the campaign.

Ahead of Wednesday’s qualifying offer deadline, Kuminga chose the two-year deal over a proposal of three years and $75 million so he can maintain a higher level of control over his immediate Warriors future. The Warriors never wavered on their team option frameworks during negotiations. Now, both sides understand the likelihood of exploring trades when Kuminga is eligible to be moved in mid-January. As part of the deal, he is waiving his inherent no-trade clause.

Kuminga missed media day Monday and the first day of Warriors practice Tuesday as the sides finalized the deal.

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Warriors general manager Mike Dunleavy Jr. and Kuminga’s side have been locked in a stalemate throughout the offseason over the framework of the contract, but Golden State ultimately increased its two-year offer by a total of $8 million between July and September and guaranteed Kuminga approximately $15 million more than his one-year, $8 million qualifying offer would have for this season.

Over the past two months, the Warriors have had a standing offer of two years and $45 million with a team option, and earlier this month offered a three-year, $75 million contract with a team option and a three-year, $54 million fully guaranteed deal. Kuminga and his side wanted a player option throughout the negotiations, or a higher annual salary with a team option, requests that were denied by the Warriors.

Choosing the two-year structure allows Kuminga to create a decision for whichever team he is on next summer or get to 2027 unrestricted free agency.

The Warriors made a jump to $48.5 million total over two years in the latest and last round of these drawn-out negotiations. Kuminga’s deal becomes the fourth-highest salary on the Warriors’ books next season behind Curry, Jimmy Butler III and Draymond Green, escalating the team’s luxury tax penalty by $70 million to a total of over $80 million.

By signing Kuminga to a salary of $22.5 million next season, Golden State will still have the flexibility to use its $5.7 million taxpayer midlevel exception and sign two players to the veteran’s minimum. Gary Payton II signed a one-year, veteran’s minimum contract with the Warriors on Monday, and Al Horford, De’Anthony Melton and rookie Will Richard have agreed to deals, too.

Jonathan Kuminga’s two-year deal with the Warriors comes with the understanding that trades will be explored when Kuminga is eligible to be moved in mid-January. Noah Graham/NBAE via Getty Images

The Phoenix Suns and Sacramento Kings were the strongest suitors for Kuminga in trade talks, with the largest sign-and-trade offer coming via the Suns as a four-year, nearly $90 million deal with a player option, sources said. The Warriors never showed interest in either team’s trade proposal, however, declining concepts of Royce O’Neale and second-round picks from the Suns and Malik Monk and a protected first-round pick from the Kings.

Kuminga was largely out of the rotation in the Warriors’ first-round series against the Houston Rockets, playing just 50 minutes total across seven games, including four that he sat out due to coach’s decision. He averaged six points on 30.4% shooting against Houston. However, Kuminga shined in the Warriors’ Western Conference semifinals series against the Minnesota Timberwolves with Curry sidelined. He averaged 20.8 points on 54.3% shooting against the Timberwolves, including three straight games scoring over 20 points to end the series.

Kuminga has led the Warriors in paint points per game in each of the past two seasons as he averaged 10 points in the paint in 2023-24 and 8.5 last season, per ESPN Research — a major boost for a team that was fifth worst in paint points last season. Among players from the 2021 draft class, Kuminga ranks fifth in points per 36 minutes (minimum 150 games).

Kuminga is also one of eight players with 3,000 points and 1,000 rebounds from the 2021 draft class, and he is one of five players to score 3,000 points before turning 23 in Warriors history.

Kuminga has shown an ability to raise his performance when the Warriors are missing a key cog, increasing his scoring average from 14.1 points in games Curry played to 19.6 points in 10 games without Curry, which was second on the team in this situation behind only 20 points per night from Butler, who played just three contests without Curry. Kuminga also increased his shooting percentage from 44.5% with Curry to 48.2% without him.

Kuminga becomes the third restricted free agent to find a resolution in September, after Cam Thomas signed a one-year, $6 million qualifying offer to return to the Brooklyn Nets and Josh Giddey reached a four-year, $100 million deal to stay with the Chicago Bulls. Philadelphia’s Quentin Grimes remains the final outstanding restricted free agent.

Entering free agency this summer, only a few teams had salary cap space, which created a freeze for the restricted market. The Nets have operated as the only team with real salary cap space for the majority of the offseason.



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