#Tether储备结构争议 The recent controversy over Tether's reserve structure has indeed caused quite a stir. The concerns raised by S&P and Arthur Hayes are not unfounded; the 18% risk assets do indeed exceed the safety boundaries of traditional stablecoins. However, Tether's counterattack is also quite interesting, emphasizing its massive cash flow and capital buffer advantages. From a follow-the-leader perspective, this dispute reflects the clash between old and new financial models. Traditional rating systems may underestimate the flexibility of native crypto institutions, but Tether also needs to enhance transparency to eliminate market doubts. As a cautious follower, I will closely monitor the development of this situation, especially the reactions of USDT holders. After all, user confidence is the foundation of stablecoins. At the same time, it's important to keep an eye on the movements of other stablecoins, as the market landscape may subtly change as a result.