前花旗银行加密研究负责人：Arthur Hayes对Tether的Fud遗漏了3个关键点

GateNews

2025-12-01 09:36:35

BTC1,06%

Odaily星球日报讯针对 Arthur Hayes 对 USDT 运营提出的质疑，前花旗银行加密研究负责人 Joseph 于 X 平台发文表示，@CryptoHayes 的分析遗漏了几个关键点：1.披露资产≠全部企业资产USDT 采用“匹配原则”披露储备金，但其未公开的资产负债表包含股权投资收益、矿业业务、公司储备金及潜在比特币持仓，剩余利润以股息形式分配给股东。2.超高利润率与股权价值Tether 持有 1200 亿美元美国国债（年化 4%收益），2023 年起年净利约 100 亿美元（仅 150 名员工），堪称全球最高效印钞机；股权估值或达 500-1000 亿美元（近期拟融资 200 亿美元出让 3%股权，估值虚高但实力强劲）。3.银行级储备金对比优势传统银行仅维持 5-15%流动资产，USDT 抵押率显然更高。关键差异：银行有央行最后贷款人支持，USDT 则依靠自身资产流动性。结论：Tether 非但不会暴雷，反而掌控着加密世界最强大的盈利引擎。随后，Tether CEO Paolo Ardoino 于评论区表达了对其声援的感谢。

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