๐จBREAKING: Tether passes its FIRST ever audit, with KPMG confirming reserves beat liabilities by $6.8 BILLION.
The Big Four firm issued an unqualified opinion on Tether's 2025 financials, the cleanest result an auditor can give.
Under the audit:
- The audit was completed under US GAAP and PCAOB standards, the same rules governing public company audits.
- KPMG physically counted and inspected every individual gold bar Tether hold.
- The full balance sheet was examined, covering the reserves backing $184 BILLION in USDT used by 650 MILLION people.
- The opinion was issued with no reservations, exceptions, or caveats.
Tether calls it the largest first ever audit in history, four years after Tether was fined $41 MILLION for misleading claims about its backing.
recently @sukukfi were seen testing on the @KeetaNetwork testnet, and it kicked off a bunch of "wait, what actually makes something shariah compliant?" questions. so here's the plain version, no finance degree needed.
quick refresher on what shariah compliant actually means for a savings or investment product.
with a normal account you're guaranteed more money back no matter what happens with the loan. that guaranteed extra is interest, riba, and islam says no to guaranteed money for nothing.
with a halal account you get a share of what actually happened with your money. no guarantee. you win together or you lose together. Refer to attached image for a simple breakdown.
that's basically the whole test. is your return a fixed number, or is it your real share of a real outcome.
so what is @sukukfi actually doing?
telecom companies bill each other for calls, texts and data that cross their networks. those bills don't get paid for 30 to 90 days. that's a real cash flow gap where someone did the work and is just waiting to get paid.
you deposit stablecoins into sukukfi. sukukfi uses that money to pay the telecom company early instead of making them wait three months for cash they already earned.
when the bill finally gets paid by the other telecom company, it comes back with a bit extra, because someone got fronted money they needed right now. that extra gets split between you as the depositor and the protocol.
that extra isn't a fixed interest rate ticking on your deposit. it's your slice of a real trade that actually settled. if the deal goes badly you share that risk too, which is what makes it profit share instead of interest.
one honest note. sukukfi structures its vaults on islamic finance principles, mudarabah and murabaha, by design. but right now no independent sharia board has certified it. it's a design choice, not a formal certification yet. worth knowing before you go deeper.
right now sukukfi runs on berachain. testing on @KeetaNetwork, a chain built to bridge traditional finance and crypto with compliance built in, suggests they might be exploring bringing this same real world trade financing model over there too.
not financial advice, just breaking down how it actually works.
@schenkty
#IslamicFinance #Kta #HalalFinance #DeFi #RWA #Web3 #Crypto
CEO of Al-Amanah bank ๐ต๐ญ
"Islamic finance is open to everyone. It is built on fairness, transparency and shared risk. Financing must be tied to something tangible, such as a business, a home, equipment or infrastructure.
Capital should help build something. It should create jobs, help businesses grow and move communities forward. It should not make money by keeping someone else trapped in debt."
Global issuance of sukuk - Islamic investment bonds structured to comply with the religionโs ban on interest - is projected to rise from about $6 trillion in 2024 to $9 trillion by 2029.
Southeast Asia accounts for around 51 percent of total global sukuk issuance while governments and state-linked institutions dominate the market with a 53 percent share, followed by companies at 38 percent.
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