#美联储货币政策 Looking back at history, this situation feels familiar. USDT was also once questioned for insufficient reserves, but it turned out to be a false alarm. However, this time the situation is indeed different. Tether increasing its holdings of Bitcoin and gold clearly indicates a bet on the Federal Reserve cutting interest rates. While this aggressive strategy has the potential for high returns, it also carries significant risks. If these highly volatile assets drop sharply, it could indeed threaten USDT's full reserve backing. However, Tether has huge profits to fill the gap and probably won't face insolvency in the short term. The key is to closely monitor changes in its asset allocation and transparency. After all, building trust in stablecoins is not easy, and a collapse would have far-reaching consequences. Hopefully, Tether can learn from history and find a balance between pursuing profits and maintaining stability. Market participants should also stay vigilant and manage risks properly.