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.