The Wire PM — July 31, 2026
Tether posted about $1.5 billion in Q2 operating profit while its excess reserve buffer thinned by more than $4 billion, as Uniswap launched a Morpho-based Earn product and Coinbase booked a $359 million loss.
The Wire PM — July 31, 2026
Tether posted a $1.5 billion Q2 profit as its reserve buffer thinned Tether reported about $1.5 billion in operating profit for the second quarter, with US Treasury holdings driving the result and USDT supply still growing. The issuer added 14 metric tons of gold and roughly 1,800 bitcoin to its reserves during the quarter. Its excess reserves, the cushion held above the assets backing USDT, fell by more than $4 billion, close to half the prior buffer. For anyone earning on stablecoin yields, the issuer's balance sheet is the real risk under the peg, and a thinner buffer is worth watching even in a profitable quarter. Source: CoinDesk and The Block, published July 31. Compare stablecoin yields
Uniswap launched Earn, a lending product built on Morpho Uniswap rolled out Earn, letting users put idle crypto to work through Morpho lending vaults curated by Gauntlet. The move pushes one of the largest DEX front-ends directly into yield, routing deposits into risk-managed vaults rather than raw liquidity pools. It is another sign that the line between trading venues and lending markets keeps blurring, with curated vaults becoming the default wrapper for onchain yield. A curated vault is still only as safe as its risk parameters and the collateral behind it. Source: The Block, published July 31. Explore verified yields
Coinbase booked a $359 million loss as revenue fell 14% Coinbase reported a $359 million second-quarter loss, its third straight quarterly loss, as revenue dropped 14% on slower trading. The same report showed records elsewhere: trading market share reached 10.3%, prediction-market volume doubled, and USDC balances set a high. The split picture left Wall Street divided on when a recovery arrives. Exchange health matters for DeFi because those same USDC balances and onchain flows feed the lending and stablecoin markets where yields are set. Source: Unchained and CoinDesk, published July 31. Compare Solana yields
Bybit added tokenized US stocks as loan collateral Bybit began accepting tokenized shares of Nvidia, Apple, Tesla and three other US companies as collateral across its trading and lending products. Eligible retail and institutional users can now borrow against tokenized equity exposure without selling it. The step widens what counts as collateral onchain and next to it, the same trend pushing RWA perpetual volume toward Bitcoin's. Deeper collateral menus tend to pull more capital into lending, which is where stablecoin and basis yields come from. Source: Cointelegraph, published July 31. See yields across chains
Numbers (Updated)
- BTC: $62,993 (-2.7%)
- SOL: $73.00 (-2.1%)
- ETH: $1,869 (-2.6%)
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