The controversy over Tether's reserve structure mainly revolves around the proportion of high-risk assets and transparency issues. Currently, Bitcoin and gold reserves account for about 12.5%. A significant decline could theoretically pose a risk. However, Tether also has approximately $7 billion in excess equity and $23 billion in retained earnings as buffers, making insolvency unlikely in the short term. In the long term, attention should be paid to Tether's asset allocation strategy and information disclosure. Investors are advised to closely monitor Tether's quarterly reports and observe trends in reserve structure changes. At the same time, caution is warranted regarding potential run risks triggered by market sentiment fluctuations. Overall, USDT remains stable for now, but investors should remain cautious.