Former Citibank Head of Crypto Research: Arthur Hayes Misses 3 Key Points on Tether's Fud

In response to Arthur Hayes' questions about the operation of USDT, Joseph, the former head of crypto research at Citibank, wrote on the X platform that @CryptoHayes' analysis missed several key points:
1. Disclosure of assets ≠ All corporate assets USDT uses the "matching principle" to disclose reserves, but its undisclosed balance sheet includes equity ROI, mining operations, company reserves and potential bitcoin holdings, and the remaining profits are distributed to shareholders in the form of dividends.
2. Ultra-high profit margins and equity value Tether holds $120 billion in US Treasury bonds (4% annualized yield), with an annual net profit of about $10 billion from 2023 (only 150 employees), making it the most efficient money printing machine in the world;
Equity valuation or up to $500-100 billion (recently planned to raise $20 billion to sell 3% of the equity, the valuation is inflated but the strength is strong).
3. The comparative advantage of bank-level reserves, traditional banks only maintain 5-15% of current assets, and the USDT mortgage rate is obviously higher.
Key differences: Banks are backed by central bank lenders of last resort, while USDT relies on its own asset liquidity.
Conclusion: Tether not only does not thunder, but also controls the most powerful profit engine in the crypto world. Subsequently, Tether CEO Paolo Ardoino expressed his gratitude for his support in the comment section.