Arthur Hayes warned that Tether is running a risky interest rate trade that could threaten USDT solvency if markets move against the stablecoin issuer.
The BitMEX co-founder analyzed Tether’s latest attestation report and noted that a 30% decline in the company’s Bitcoin and gold holdings would wipe out equity.
The stablecoin issuer holds $9.86 billion in Bitcoin and $12.92 billion in precious metals according to its asset breakdown.
Hayes wrote on X that the company appears to be betting on Federal Reserve rate …
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