TechFlow, December 1 — Joseph, former head of crypto research at Citigroup, stated on social media that Tether operates a "money printer," far from the widely feared bankruptcy risk.
Joseph pointed out that Tether's publicly disclosed assets do not represent its full corporate holdings. The company maintains a separate equity balance sheet containing equity investments, mining operations, corporate reserves, and potentially more bitcoin, with the remainder distributed to shareholders as dividends.
Second, Tether holds approximately $120 billion in interest-bearing U.S. Treasuries, yielding around 4% since 2023, generating roughly $10 billion in annual revenue. With a low-cost operation of only 150 employees, it has become one of the most efficient cash-generating businesses globally.
Third, Joseph estimates Tether's equity value to be in the range of $50–100 billion. Although the company previously sought to raise $20 billion by selling a 3% stake (implying a valuation over $500 billion), Joseph considers this figure significantly overstated and unrealistic.
Finally, Joseph emphasized that Tether’s collateral quality is substantially superior to that of traditional banks, which hold only 5–15% of deposits as liquid assets.
