BitMEX: Tether team is in the early stages of a large-scale interest rate trade

Arthur Hayes, co-founder of BitMEX, said in a post on social media that the Tether team is in the early stages of a large-scale interest rate trade. My interpretation of the audit report is that they believe the Federal Reserve will implement a rate cut, which will seriously reduce its interest income. In response, they are buying gold and bitcoin; in theory, when the cost of capital falls, the price of these assets should rise sharply.
A decline of about 30% in gold and bitcoin holdings would deplete its equity, at which point USDT would theoretically become insolvent. I believe some large holders and exchanges would demand a real-time view of their balance sheets (B/S) in order to assess the solvency risk of Tether. Get your popcorn ready, I expect the mainstream media (MSM) to make a big deal of this, especially editors with "Trump Dislike Syndrome" (TDS) who are already unhappy with Lutnick and Cantor's support for the stablecoin, and will take the opportunity to attack it even more.