USDT issuer Tether holds a large amount of gold assets, but this does not mean absolute safety. Once gold enters a prolonged decline cycle and Bitcoin continues to struggle to strengthen, the buffer space provided by excess reserves will be continuously eroded. Tether's actual redemption capability naturally comes into question. History is not without precedent. After Lehman Brothers' bankruptcy, the risk of "Break the Buck" rapidly spread, dollar liquidity sharply tightened, and the market was forced to sell gold for cash. If a similar situation reoccurs—USDT experiences a concentrated run, Tether will also face immense pressure to sell gold passively and withdraw liquidity. #USDT @tether