CoinDesk Podcast Network 20260325 BSL Tether's Big Four Audit, Blue Owl's Private Credit Risk, New Bitcoin Client
Mar 26, 2026
Jay Patel, founder of Lygos Finance and private credit expert, explains strains in private credit and how they could shape bitcoin‑backed lending. Gwart, a provocative crypto commentator, dissects crypto’s lull, VC retrenchment, and market maturity. They also cover Tether’s Big Four audit, the CLARITY Act’s tilt toward banks, and a new conservative Bitcoin client.
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Tether Pursues First Big Four Full Audit
- Tether is engaging a Big Four firm for a full audit of ~$184B in reserves, signaling institutional maturation and possible market-share gains versus Circle.
- The audit goes beyond attestations to examine processes, access controls, and business lines including mining and investments, potentially validating Tether's breadth.
Tether Audit Shifts Stablecoin Competitive Dynamics
- Circle's stock plunged after Tether's audit announcement, reflecting market belief that stablecoin issuance is a winner-take-most business.
- If Tether proves fully audited and compliant (plus USAT rollout), it could consolidate liquidity and challenge USDC's market position.
CLARITY Act Curbs Stablecoin Interest
- The CLARITY Act draft bars stablecoin yields that resemble bank deposit interest, allowing only narrow activity-based rewards defined later by regulators.
- That restriction favors banks by protecting deposit business and risks pushing stablecoin innovation offshore, per Nick Carter.