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Flash

Bloomberg: Wintermute wins approximately 76% of the priority data auction for Hyperliquid

According to Bloomberg, the crypto market maker Wintermute has become the main user of Hyperliquid's priority data auction mechanism. This mechanism allows traders to bid for the right to view incoming buy and sell orders before they are processed by the exchange, giving them a few milliseconds to adjust their quotes or hedge on other platforms.Blockchain analytics platform Loris Tools found that in the past month, a wallet associated with Wintermute won about 76% of the highest priority data slot auctions.This mechanism has raised questions about whether it favors large trading firms. DRW founder Don Wilson previously questioned whether it is fairer than the server hosting mechanisms of traditional exchanges and whether it can meet U.S. regulatory requirements.The founder of Loris Tools believes that to fully leverage this speed advantage, direct connections to nodes operated by the Hyperliquid Foundation are necessary, and this access has trading volume and token staking requirements.Wintermute founder and CEO Evgeny Gaevoy stated that the auctions are more transparent than the low-latency networks and server hosting of traditional finance, and the company primarily uses this service for cryptocurrency trading. Hyperliquid Labs stated that anyone can participate in the bidding, and all priority fee payments are publicly recorded on-chain.

Tether Gold completed an audit by the Big Four accounting firms, with reserve gold valued at 2.246 billion USD

Tether announced that KPMG U.S. has completed an independent audit of the financial statements of TG Commodities, the issuer of Tether Gold (XAU₮), as of December 31, 2025, and issued an unqualified opinion. The audit shows that XAU₮ is fully backed by physical gold. This is the second stablecoin under Tether to complete an audit by one of the Big Four accounting firms, following Tether International, the issuer of USDT, in August of this year.During the audit, KPMG conducted a physical count and verification of each gold bar backing XAU₮, rather than relying solely on confirmations from custodians. As of December 31, 2025, TG Commodities holds 520,089.350 ounces of pure gold, valued at $2.246 billion, corresponding to the issued 520,089.300 XAU₮.The gold is stored in Swiss vaults and meets the London Good Delivery standards, with ownership belonging to the token holders, where each token corresponds to an indivisible ownership of specific gold bars. The company also hires an independent third party to conduct quarterly sampling tests of the gold bars.CEO Paolo Ardoino stated that XAU₮ is expected to become the first true competitor in the gold ETF market, as gold can be settled instantly, with lower custody costs and higher transparency. CFO Simon McWilliams mentioned that auditing the largest and most complex USDT and XAU₮ is paving the way for a comprehensive audit of the entire company.
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