Arthur Hayes recently raised alarms over Tether but a former Citi crypto analyst says the concerns don’t match the reality of how the company operates.
Joseph, who previously spent “100’s of hours writing research on tether for Citi,” responded directly on X, offering a clearer look at Tether’s balance sheet and profitability.
A Missing Piece in the Tether Debate
Joseph’s main point is straightforward: the reserves Tether publishes are not its full corporate balance sheet. He says the disclosures follow a “matching” philosophy meant only to show how USDT is backed and not everything the company owns.
According to him, Tether also holds:
- equity investments,
- mining operations,
- corporate reserves,
- and possibly additional Bitcoin.