Former Citibank encryption research head: Arthur Hayes missed 3 key points on Tether's FUD.

According to Mars Finance news, in response to Arthur Hayes's doubts about the operation of USDT, former Citibank crypto research head Joseph stated on the X platform that @CryptoHayes's 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. Extremely high profit margins and equity value. Tether holds $120 billion in U.S. Treasury bonds (with an annualized yield of 4%), net annual profit of approximately $10 billion starting from 2023 (with only 150 employees), making it the most efficient money printing machine in the world; the equity valuation could reach $50-100 billion (recently planning to raise $20 billion by selling 3% equity, the valuation is inflated but the strength is robust). 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 Central Bank last-resort support, while USDT relies on its own asset liquidity. Conclusion: Tether not only will not implode, but instead controls the most powerful profit engine in the crypto world. Subsequently, Tether CEO Paolo Ardoino expressed gratitude for the support in the comments section.