The Thesis of Arthur Hayes
The argument is mathematical: Tether is no longer just cash and treasury bonds. They have accumulated a lot of #Bitcoin and Gold.
Hayes estimates that if these assets fall by 30% or more, Tether's "capital cushion" evaporates, leaving them technically insolvent.

The Defense of Paolo Ardoino
The CEO of Tether responds with a devastating piece of data: PROFITABILITY.
Tether earns approximately $500 million PER MONTH in interest. This massive cash flow serves as a shield that replenishes any loss of BTC/Gold so quickly that the real risk is minimal.

Who is right?
Hayes (Theory): If BTC collapses today, there is real mathematical risk.
Ardoino (Practice): They earn $500M/month; this flow covers any holes.
Reality: Tether operates as an investment fund. They take on more risk, but have record revenues.

Conclusion
The controversy is exaggerated, $USDT it seems financially robust today thanks to its record profits.
However, the market is right to demand transparency as Tether increases its exposure to volatile assets.
They already know if there is FUD about Tether, they buy $BTC.

Don't expect a universal "Altseason" where everything rises by inertia. Mathematically, it's very difficult to lift 17,000 assets at once.
The chart is rising, but your Altcoin may not be. We are in a selective market, not one of blind accumulation.
Good luck with your favorite altcoin bro!

Don't expect a universal "Altseason" where everything rises by inertia. Mathematically, it's very difficult to lift 17,000 assets at once.
The chart is rising, but your Altcoin might not be. We are in a selective market, not one of blind accumulation.
Good luck with your favorite altcoin bro!

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"I just had an excellent phone conversation with President Xi of China"