Analyzing Hayes's viewpoint is indeed worth noting. Tether's increased holdings in high-risk assets such as Bitcoin and gold aim to hedge against potential interest rate cuts. However, this also introduces new risks—if these assets decline significantly, they could jeopardize the full backing of USDT.

Data shows that Tether's current Bitcoin holdings account for 5.6% of USDT circulation, and high-risk assets make up 24%. Under this allocation, a 30% decline in assets could indeed lead to insolvency.

Nevertheless, Tether still generates substantial quarterly profits and has some dynamic recovery capability. The key is to closely monitor changes in its reserve composition, especially the proportion of high-risk assets. Investors should also assess their own risk tolerance and diversify their USDT holdings appropriately.

Overall, the risk in the stablecoin market is rising, requiring greater transparency and stricter regulation. This may accelerate industry reshuffling, benefiting more compliant competitors.