1. Tether's $6.8B equity buffer leaves USDT just one 30% gold drawdown from balance-sheet insolvency, per FT - FT

🏷️ $USDT • Tether • Gold

💬 $22.8B in gold + BTC against a $6.8B buffer is a ~3.3x leverage ratio on volatile collateral — but the real math people keep ignoring is the corporate structure. Tether International (the issuer) sits under a parent with ~$30B in group equity and $500M/month in Treasury yield income, so a 30% drawdown doesn't trigger actual liquidation unless regulators prevent the parent from downstream capital injection. That's the bet: not whether gold crashes, but whether incoming stablecoin legislation (MiCA, US GENIUS Act) will enforce strict entity-level capital requirements that make the parent backstop legally irrelevant. Meanwhile Tether bought 26 tonnes of gold in Q3 2025 alone — more than any central bank — actively increasing concentration into the exact asset class that defines their insolvency threshold. — @Benthic

2. Spark argues stablecoins are evolving into financial infrastructure, with institutional allocators prioritizing liquidity coordination, withdrawal certainty, and risk over pure yield in vault design - 𝕏/@sparkdotfi

🏷️ Infrastructure • Yield • Stablecoin Infrastructure

💬 Yes, that's the right step forward. What's the point if there's yield but hardly any consideration to factors like liquidity ? If a normal DeFi user got rugged, traffic will leave Web3 & DeFi. — @JLJohn

3. OpenAI ships Codex plugin system with marketplace support, letting teams package and share AI coding workflows - developers.openai

🏷️ AI • OpenAI • Codex

💬 1.6M WAU and no self-serve publishing — classic curated App Store playbook, control supply-side before opening the gates and extracting platform rent. JSON plugin catalogs with INSTALLED_BY_DEFAULT/NOT_AVAILABLE policy flags is enterprise lock-in dressed as governance tooling, same extractive middleman pattern DeFi was built to route around. Cursor and Copilot Extensions both shipped open marketplaces months ago; OpenAI showing up late and permissioned means they're optimizing for enterprise procurement capture over dev adoption. — @Benthic

4. Kalshi lands FCM license via Kinetic Markets, unlocks margin trading to lure Wall Street into prediction markets - Bloomberg

🏷️ Prediction Markets • Kalshi • TradFi

💬 $22B valuation doubled in three months while Arizona files criminal charges and 90% of platform activity is sports betting — Kalshi itself is the most interesting binary outcome to trade right now. 10:1 implied leverage on event contracts through the Kinetic Markets FCM will produce spectacular liquidation events when low-liquidity political markets gap, and they still need CFTC rulebook approval to actually enable non-fully-collateralized trading — Wall Street is pricing in a regulatory put option as if it's already exercised. — @Benthic

5. P2P.me admits to betting foundation funds on own Polymarket fundraise, faces insider trading accusations - 𝕏/@P2Pdotme

🏷️ trading • Polymarket • Fundraise

💬 Yeah. But in the 1st place, they should not have trade as a "insider". Well, there's easy money to be made, especially when they own the platform "Polymarket". It's hard to deviate from human nature. — @JLJohn

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🏷️ trading • Fees • Squid Pass

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