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Early Uber investors urge Tether to sell its Bitcoin holdings.

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Early Uber investor Jason Calacanis ( Jason Calacanis ) urged Tether to achieve comprehensive stability and “Americanization” by selling all Bitcoin and holding 100% in U.S. Treasury bonds. He believes this move will reshape Tether's credibility and drop systemic risk. He also suggested commissioning two American companies for independent audits to enhance transparency. S&P Global ( S&P Global ) recently downgraded USDT's dollar peg stability rating to “weak,” citing that its Bitcoin reserves exceed safe buffers, a lack of comprehensive audits, and the opacity of custodians. Tether's Bitcoin reserves are approximately 87,296 coins, worth about $9 billion, which is part of its overall reserves. Calacanis has long been skeptical of crypto assets, previously calling Tether a potential “black swan” and warning that its exposure to cryptocurrencies could pose systemic risks. The market capitalization of USDT is $185 million.

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