Odaily News Regarding Arthur Hayes' questions about USDT operations, former Citibank encryption research head Joseph stated on the X platform that @CryptoHayes' analysis missed several key points: 1. Disclosure of assets ≠ all corporate assets. USDT adopts the “matching principle” to disclose reserves, but its undisclosed balance sheet includes equity investment income, mining business, corporate reserves, and potential Bitcoin holdings, with remaining profits distributed to shareholders in the form of dividends. 2. Ultra-high profit margins and equity value. Tether holds $120 billion in U.S. Treasury bonds (annualized 4% yield), with a projected annual net profit of about $10 billion starting in 2023 (with only 150 employees), making it the world's most efficient money printer; equity valuation may reach $50-100 billion (recently proposed to raise $20 billion for a 3% equity stake, with a high valuation but strong fundamentals). 3. Comparison of bank-level reserves. Traditional banks maintain only 5-15% liquid assets, while USDT's collateralization rate is obviously higher. The key difference: banks have support from central banks as lenders of last resort, while USDT relies on its own asset liquidity. Conclusion: Tether not only will not face a liquidity crisis, but instead controls the most powerful profit engine in the encryption world. Subsequently, Tether CEO Paolo Ardoino expressed his gratitude for the support in the comments section.
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