[Former Citibank Head of Crypto Research: Arthur Hayes Missed 3 Key Points About Tether's FUD] Odaily Planet Daily News – In response to Arthur Hayes' doubts about USDT operations, former Citibank Head of Crypto Research Joseph posted on the X platform, stating that @CryptoHayes' analysis missed several key points: 1. Disclosure of assets ≠ all corporate assets USDT adopts the 'matching principle' to disclose reserves, but its unpublished balance sheet includes equity investment returns, mining operations, corporate reserves, and potential Bitcoin holdings. Remaining profits are distributed to shareholders in the form of dividends. 2. Ultra-high profit margins and equity value Tether holds $120 billion in U.S. Treasury bonds (with an annualized 4% return), generating approximately $10 billion in annual net profit starting in 2023 (with only 150 employees), making it arguably the world's most efficient money-printing machine. Its equity valuation could reach $50-100 billion (recently planning to raise $20 billion by selling 3% equity, with a high valuation but strong fundamentals). 3. Comparative advantage of bank-level reserves Traditional banks maintain only 5-15% liquid assets, while USDT's collateralization rate is evidently higher. The key difference: banks have central banks as lenders of last resort, whereas USDT relies on its own asset liquidity. Conclusion: Not only is Tether unlikely to collapse, but it also controls the most powerful profit engine in the crypto world. Subsequently, Tether CEO Paolo Ardoino expressed his gratitude for the support in the comment section.