Interpreting Tether's financial report from different perspectives. Before elaborating on my viewpoint, I want to clarify that this perspective is not intended to short USDT, nor do I believe Tether is at risk of a collapse, or even think this perspective is likely to occur; it is merely a discussion of the viewpoint itself.

In fact, during the third quarter of 2024, my neighbor, who is a large holder of Fil, discussed the issue of Tether's reserves with me. His viewpoint is that while USDT has a strong ability to attract capital, as long as it doesn't act recklessly, it won't fail. However, Tether's low-risk redemption capability actually has a gap that cannot be covered by income.

By the time we reached the fourth quarter of 2024, we could still see in Tether's financial report that the total reserves of Tether tokens in circulation amounted to $143,704,755,547. The total liabilities of the company issuing Tether tokens were $136,617,485,006.

Tether's holdings in U.S. Treasury bonds, both directly and indirectly, reached $113 billion, which is a gap of $23.6 billion compared to the total liabilities. Of course, this $23.6 billion is not without collateral; these collateral assets are:

A. $14,270,773 in other corporate bonds

B. $5,318,875,241 in precious metals

C. $7,857,529,277 in #BTC reserves

D. $3,984,793,433 in investments

E. $8,194,007,406 in secured loans

The total is $25,369,476,130, which indeed exceeds $23.6 billion. However, the prices of these non-U.S. Treasury collateral assets may not be stable. If extreme market conditions arise, the funds from A to E may not be redeemable in a timely manner. Of course, I also mentioned that this is not too big of an issue; the coverage of U.S. Treasury bonds has already reached 82.72%, meaning that nearly 83% of users' funds are safe. Although the remaining funds may not be 100% redeemable, if the other portion can ensure redemption at above half price, it can still cover 94% of users' amounts.

Moreover, I believe that not all users will demand redemption at the same time, so as long as no more than 83% of users request redemption, it will not cause issues for Tether's asset allocation. The main discussion of this viewpoint is that although the holdings in U.S. Treasury bonds have reached a historical high, Tether still needs to purchase more U.S. Treasury bonds or precious metals to ensure its risk resistance.

Once again, this is just a viewpoint; Tether has no issues and there are no expectations of a collapse. Please do not let your imagination run wild; I will not be responsible for any losses caused by such thoughts.

This post is sponsored by @ApeXProtocolCN | Dex With ApeX

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。