According to Wu, former Citigroup crypto research head Joseph responded to Arthur Hayes' interpretation, stating that external skepticism about Tether overlooks key facts: Tether's disclosed reserves do not represent all of its corporate assets. The group still holds undisclosed equity investments, mining operations, and corporate reserves. With approximately $120 billion in U.S. Treasury bonds generating substantial interest income, it has become a 'highly profitable' business, with an estimated valuation range of $50 billion to $100 billion. He believes Tether's capital adequacy far exceeds that of traditional banks, and even without central bank backing, it is nowhere near 'bankruptcy.' https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=52740