Arthur Hayes: If Tether holds illiquid assets, it may raise questions about excess collateral in the event of an accident
2025-12-01 06:31:46
In response to Tether CEO Paolo Ardoino's disclosure that the company's holdings of US Treasury bonds can generate profits of about 500 million US dollars per month, Arthur Hayes responded in a post on the X platform that Tether's profits are higher, but he is not sure whether there is a specific dividend policy or a target overcollateralization rate based on asset type and its volatility. If Tether's liabilities are US dollars and its assets are US Treasury bonds, that is basically not a big problem; however, if Tether's assets are private investments with poor liquidity, in the event of an accident, the market will be skeptical of Tether's overcollateralization.
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