Key Insights:
Former Citi analyst disputes Arthur Hayes claims about Tether insolvency risk.
Joseph states that disclosed reserves exclude a separate equity balance sheet with investments.
Tether generates $10 billion annual profit from $120 billion treasury holdings.
Former Citigroup crypto research lead Joseph challenged Arthur Hayes’ analysis of Tether’s financial stability in a detailed X post.
Hayes suggested a 30% decline in gold and Bitcoin positions would eliminate equity, making USDT insolvent. Joseph spent hundreds of hours researching Tether for Citi and identified three major errors in Hayes’ assessment.
The analyst emphasized that Tether maintains a separate, undisclosed equity balance sheet beyond reported reserves. CEO Paolo Ardoino confirmed $30 billion in group equity backing $184.5 billion in stablecoin liabilities.
Expert Explains Tether Equity Balance Sheet Structure
Joseph’s first counterpoint addressed disclosed assets versus total corporate
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