According to Deep Tide TechFlow news, on December 1st, Joseph, the former head of cryptocurrency research at Citigroup, stated on social media that Tether operates a “printing press,” far from the bankruptcy risks that the outside world is concerned about.
Joseph pointed out that Tether's public disclosure of assets does not encompass all corporate assets. The company has a separate equity assets balance sheet, which includes equity investments, mining operations, corporate reserves, and possibly more bitcoins, with the remainder distributed as dividends to shareholders.
Second, Tether holds approximately 120 billion USD in interest-bearing government bonds, with a yield of about 4% since 2023, resulting in an annual income of about 10 billion USD. With only 150 employees, it has become one of the most efficient cash-generating businesses globally.
Third, Joseph estimates the equity value of Tether to be in the range of 50 to 100 billion dollars. Although the company sought to raise 20 billion dollars with a 3% equity stake (valuing it at over 500 billion dollars), Joseph believes this valuation is too high and difficult to achieve.
Finally, Joseph emphasized that the quality of Tether's collateral is significantly better than that of traditional banks, which only hold 5-15% of deposits as liquid assets.
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