#Tether储备结构争议 Regarding the recent controversy over the USDT reserve structure, it reminds me of similar debates during past bull and bear cycles. Whenever market sentiment is high, people tend to ignore risks; during bear markets, various FUD (Fear, Uncertainty, Doubt) issues emerge one after another. The recent doubts raised by Arthur Hayes and S&P about Tether's reserves have indeed sparked some concerns. However, after careful analysis, I believe the likelihood of such extreme scenarios occurring is quite low. First, the probability of gold and Bitcoin simultaneously dropping by 30% is very low; second, Tether itself holds substantial proprietary assets as a buffer. Nonetheless, this controversy also serves as a reminder that even the largest stablecoins by market cap need to remain vigilant and monitor changes in their reserve structures. From historical experience, transparency and risk management are always the lifelines of stablecoin projects. In the future, we may see more regulatory measures introduced to oversee stablecoin reserve management.