Willy Woo: Tether performed better than many banks during the bank run, still having 95% asset backing in extreme cases.

PANews reported on December 1 that cryptocurrency analyst Willy Woo released a comparison chart of bank runs, showing that Tether (USDT) experienced a redemption tide of about 20-25% in 2022 but still fully redeemed, outperforming traditional banks like Silicon Valley Bank (25%) and First Republic Bank (57%). Woo pointed out that Tether currently has 77% of its assets in cash equivalents, with the remainder in gold and Bitcoin, totaling an over-collateralization of 3%. Even if volatile assets fall by 30% in extreme market conditions, USDT still has 95% asset backing.