[Arthur Hayes: If Tether holds less liquid assets, unexpected events could trigger doubts about over-collateralization] According to a report by Jinse Finance, in response to Tether CEO Paolo Ardoino revealing that the company’s holdings of U.S. Treasury bonds generate approximately $500 million in monthly profit, Arthur Hayes posted on the X platform stating that while Tether’s profits are high, it is unclear whether there is a specific dividend policy or a target over-collateralization rate set based on asset types and their volatility. If Tether’s liabilities are in USD and its assets are U.S. Treasury bonds, there is essentially no major issue; however, if Tether’s assets consist of less liquid private investments, then in the event of an unexpected situation, the market may question Tether’s over-collateralization.