What's really on Tether's books? A former crypto research head from Citi just pushed back hard against Arthur Hayes' recent criticism.

His take: everyone's fixating on disclosed reserves, but that's just one slice of the pie. The full corporate balance sheet tells a different story—Tether's sitting on substantial equity positions, runs mining operations, and holds a portfolio of other assets that don't show up in the reserve reports people keep citing.

The debate cuts to the heart of transparency questions that have dogged the stablecoin issuer for years. While critics point to reserve disclosures as the whole picture, defenders argue the company's actual financial position extends far beyond what backs the tokens in circulation.

It's a reminder that corporate accounting rarely fits into neat boxes, especially when you're dealing with a crypto giant operating across multiple business lines.

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GateUser-75ee51e7

· 18h ago

Here we go again, is the disclosed reserve just the tip of the iceberg? Why is the undisclosed part so mysterious... --- Tether's ledger is getting more and more complicated, mining, equity, hidden assets... it feels like everything is being stuffed in there. --- To put it bluntly, it's just not transparent enough, and they're using flowery language to make up for it. Anyone would have doubts. --- Wait a minute, they are still operating mining? How come I haven't heard much about that... Does that mean what's public is just a small part of their business? --- The supporters' arguments always sound a bit off... If they really have that many assets, why hide them? --- Well, anyway, this area of stablecoins has never been clear, you will never know what they truly have on their books. --- Isn't this just to shut Arthur Hayes up, presenting a bunch of "invisible assets"? --- Mining, equity positions... it seems Tether is turning into an investment company, while I thought it was just a money printing machine.

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GasFeeCrier

· 18h ago

Here we go again... Just because it was disclosed doesn't mean it's fully disclosed; I've heard this too many times. Is there still mining, equity, and all sorts of flashy assets in the ledger? Then why not lay it all out for discussion? Anyway, I really can't understand what the concept of transparency is anymore.

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DisillusiionOracle

· 18h ago

Here we go again with the same rhetoric... How come the assets not mentioned in the reserve report just happen to be advantageous for Tether? --- Alright, alright, no need to explain, only a fool would believe it. --- Mining, equity, black box assets... Isn't this just a fancy way of saying "I have money but can't prove it"? --- Citi people come out to support, the tension is really palpable. --- Transparency issue? Ha, that word has already died at USDT. --- Show the complete balance sheet, why are we still telling stories? --- A bunch of invisible assets supporting the stablecoin, I just don't get this logic. --- So basically it boils down to "just trust me and that's it."

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