[Arthur Hayes: A 30% Drop in Tether's Gold and BTC Positions Could Render It Insolvent] BlockBeats News, November 30 – BitMEX co-founder Arthur Hayes wrote that the Tether team is in the early stages of executing a large-scale interest rate trade. My interpretation of Tether's reserve audit report is that they believe the Federal Reserve will cut interest rates, which would severely impact their interest income. In response, Tether is buying gold and BTC. Theoretically, when currency prices (interest rates) drop, these assets should surge in value. A roughly 30% drop in the 'gold + BTC positions' would wipe out their equity capital, and USDT would theoretically become insolvent. I believe some large holders and trading platforms will demand real-time access to Tether's balance sheet to assess repayment risks. Grab your popcorn, as mainstream media is expected to sensationalize this, especially editors suffering from 'Trump Derangement Syndrome' (TDS), who will seize the opportunity to attack Lutnick and Cantor, the supporters of this stablecoin. [Referring to Commerce Secretary Howard Lutnick and his financial services firm Cantor Fitzgerald, major backers and partners of Tether.]