Honestly, I like Tether and their team and pro-crypto roots/thinking. (Disclosure: Most times I have more USDT than USDC, as it’s easier to move in/out of trades, thus chance of it ever failing I view as extremely low). BUT —- 80% for cash & cash equivalents seems oddly low, and an unnecessary risk. I personally love Gold & Bitcoin, I’m supportive of them holding it, but getting cash & cash equivalents to 95% would seem the right step. Yes USDT has excess collateral and yes Tether has additionally its own balance sheet separately, but the chances of it getting shaken just seem too much, for a $500B valuation business. Maybe I’m too risk averse, but selling the secured loans at even a 10% haircut, and selling half the Bitcoin and Gold. That would get you to ~$164B/$175B cash immediately, and seem a much wiser spot to be, than building a 70-storey tower in El Salvador. Seems more logical. Now… the elephant in the room, is that the Bitcoin and Gold, is a hedge against seizure of USD assets… but if that starts happening, USDT is f*cked anyway.