184 billion dollars of Tether is walking a tightrope

【Plain Language Introduction】Tether with a market capitalization of $184 billion (USDT) is facing three major challenges:

Risk: S&P downgraded its rating to the lowest "weak" level, warning that high-risk assets (Bitcoin, gold) account for 24% of total reserves. Arthur Hayes warns that high-risk assets could drop by 30%, potentially wiping out equity buffers.

Moral hazard: Accusations that USDT has become the preferred tool for money laundering and fraud in Southeast Asia.

Geopolitical risks: The global trade development of USDT has become the "digital agent" of the US dollar, but it has also put its lifeline in the hands of Washington regulators in order to avoid sanctions.

Tether is walking a tightrope, its fate depending on its liquidity reserves and the ultimate will of the U.S. government.

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