According to Wu, Joseph, the former head of cryptocurrency research at Citigroup, responded to Arthur Hayes' interpretation by stating that the external doubts about Tether overlook a key fact: the reserves disclosed by Tether do not equal its total company assets, as the group still has undisclosed equity investments, mining operations, and corporate reserves; the company generates high interest income from approximately $120 billion in U.S. Treasury bonds, making it a "highly profitable" business, with a valuation range potentially reaching $50 billion to $100 billion. He believes that Tether's capital adequacy is far higher than that of traditional banks, and even without the endorsement of a central bank, there is no situation of "approaching bankruptcy."