The post Hayes Warns of Tether Trouble, CoinShares Fires Back With Hard Data appeared on BitcoinEthereumNews.com. Hayes warns Tether’s gold and Bitcoin bets could hurt reserves if markets drop. A 30% fall in those holdings could erase equity and trigger solvency worries. CoinShares says Tether holds a strong surplus and over US$10 billion yearly profit. CoinShares has downplayed recent concerns over the stability of Tether (USDT) following comments from former BitMEX CEO Arthur Hayes. Hayes has warned that Tether’s large positions in Bitcoin and gold could leave the stablecoin vulnerable if markets moved sharply, possibly putting its reserves under pressure and raising solvency questions. Hayes said Tether appears to be making a big interest-rate bet and the latest audit shows the company expects the Federal Reserve to cut rates, which would reduce the interest income Tether earns on its reserves. To prepare for that, he says Tether is buying gold and Bitcoin, assets that could rise if borrowing costs fall. The Tether folks are in the early innings of running a massive interest rate trade. How I read this audit is they think the Fed will cut rates which crushes their interest income. In response, they are buying gold and $BTC that should in theory moon as the price of money falls.… pic.twitter.com/ZGhQRP4SVF — Arthur Hayes (@CryptoHayes) November 29, 2025 The analyst warned that if the value of Tether’s gold and Bitcoin holdings dropped by around 30%, it could wipe out the company’s equity and make USDT technically insolvent.  CoinShares Says the Numbers Show a Strong Buffer However, CoinShares said the latest data shows that these fears are largely unfounded. According to the firm, Tether holds total reserves of over US$181 billion against roughly US$174.45 billion in liabilities, leaving a surplus of about US$6.78 billion. The stablecoin issuer has also earned more than US$10 billion in profit this year, driven by interest income from U.S. treasuries,… The post Hayes Warns of Tether Trouble, CoinShares Fires Back With Hard Data appeared on BitcoinEthereumNews.com. Hayes warns Tether’s gold and Bitcoin bets could hurt reserves if markets drop. A 30% fall in those holdings could erase equity and trigger solvency worries. CoinShares says Tether holds a strong surplus and over US$10 billion yearly profit. CoinShares has downplayed recent concerns over the stability of Tether (USDT) following comments from former BitMEX CEO Arthur Hayes. Hayes has warned that Tether’s large positions in Bitcoin and gold could leave the stablecoin vulnerable if markets moved sharply, possibly putting its reserves under pressure and raising solvency questions. Hayes said Tether appears to be making a big interest-rate bet and the latest audit shows the company expects the Federal Reserve to cut rates, which would reduce the interest income Tether earns on its reserves. To prepare for that, he says Tether is buying gold and Bitcoin, assets that could rise if borrowing costs fall. The Tether folks are in the early innings of running a massive interest rate trade. How I read this audit is they think the Fed will cut rates which crushes their interest income. In response, they are buying gold and $BTC that should in theory moon as the price of money falls.… pic.twitter.com/ZGhQRP4SVF — Arthur Hayes (@CryptoHayes) November 29, 2025 The analyst warned that if the value of Tether’s gold and Bitcoin holdings dropped by around 30%, it could wipe out the company’s equity and make USDT technically insolvent.  CoinShares Says the Numbers Show a Strong Buffer However, CoinShares said the latest data shows that these fears are largely unfounded. According to the firm, Tether holds total reserves of over US$181 billion against roughly US$174.45 billion in liabilities, leaving a surplus of about US$6.78 billion. The stablecoin issuer has also earned more than US$10 billion in profit this year, driven by interest income from U.S. treasuries,…