Tether Holdings Risk Draws Attention: Industry Insiders Call to Abandon Bitcoin in Favor of US Treasuries

Source: TokenPost Original Title: Tether calls for 'halt on Bitcoin holdings'… should fully transition to U.S. Treasury bonds Original Link:

Industry Insights

Jason Calacanis, an early investor in Uber and a well-known angel investor, expressed strong concerns about Tether('s Bitcoin holdings. He advocates that Tether should stop holding Bitcoin and instead fully hold U.S. Treasury bonds.

Risk Analysis

Calacanis believes that in order to become a more stable and transparent company, Tether needs to reduce systemic risk through “Americanization.” He points out that compared to highly volatile assets like Bitcoin, having a 100% allocation in U.S. Treasury bonds, which provide liquidity and security, is crucial for Tether to restore its credibility.

Current Data

Currently, Tether holds approximately 87,296 BTC, valued at around 9 billion USD. The official claim is that the reserve structure is built through a portfolio consisting of cash, US Treasury bonds, and other assets, but the market has consistently questioned the transparency of this composition.

The international credit rating agency S&P Global has downgraded Tether's USD peg stability to “weak )weak (” in a recent report. The main reasons include: a high proportion of Bitcoin holdings, lack of a complete accounting audit, and opaque counterparties.

Regulatory Recommendations

Calacanis emphasized that Tether should undergo independent audits from at least two U.S. accounting firms. He previously referred to Tether as the “black swan of the cryptocurrency industry” in 2021 and has since been repeatedly warning about systemic risks and accounting transparency issues.

At the beginning of this year, Calacanis also pointed out that Strategy's excessive exposure to cryptocurrencies is increasing overall market risks. Given that Tether's USDT has grown to a market cap of $18.5 billion, risk management is now urgent.

Market Impact

Calacanis's public statement this time once again highlights the distrust surrounding Tether's asset management strategy. Particularly as traditional financial individuals continue to raise concerns about Tether, the market is focused on how Tether will respond in the future.