Former Citigroup crypto research head Joseph recently offered a different perspective on Arthur Hayes' interpretation of Tether. He pointed out that many people question the reserve security of USDT, but they actually confuse a concept – the reserve assets publicly disclosed by Tether do not represent the entire savings of the whole group.

What is the actual situation? The Tether Group still holds a bunch of good cards that have not been publicly disclosed: equity investment layout, mining business segment, and the reserves kept by the company itself. More importantly, just by holding about 120 billion USD in US Treasury bonds, the interest income generated each year is already an astronomical figure.

Joseph believes that this business model has turned Tether into a "money printing machine" level profit machine. By this logic, the company's valuation could easily reach the level of 50 billion USD—even this is just a conservative estimate. The market's understanding of stablecoin issuers may need to be recalibrated.