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Arthur Hayes: 30% Drop in Tether's Gold and Bitcoin Holdings Could Wipe Out Equity

BitMEX co-founder Arthur Hayes said on Nov. 30 that a roughly 30% decline in Tether's combined gold and Bitcoin position could eliminate the stablecoin issuer's equity capital, theoretically rendering USDT insolvent, BlockBeats reports. Hayes interpreted Tether's reserve audit as signaling the company expects Federal Reserve rate cuts that would hurt its interest income, prompting it to acquire gold and BTC as hedges. He predicted major holders and trading platforms may seek real-time balance sheet access to assess solvency risk, with mainstream media likely to amplify scrutiny of supporters Howard Lutnick and Cantor Fitzgerald.
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