Recently, debates have flared up again about whether USDT can meet its redemption obligations. Arthur Hayes and S&P Global have both voiced doubts, making the market a bit nervous. However, the head of research at a certain asset management institution stepped in to pour cold water on the panic, bluntly stating that this wave of fear is "an overreaction."

He provided some solid evidence: according to the latest disclosed audit data, Tether holds $181 billion in reserve assets, while its corresponding liabilities are about $174.45 billion. A simple calculation shows a balance sheet surplus of nearly $6.8 billion.

What does this number mean? It means that even in the event of an extreme run, in theory, the money in the account should be enough to cover redemptions. Of course, details like the liquidity structure and asset quality of the reserves remain opaque to outsiders. But at least from the public numbers, there isn't much evidence to say Tether is about to collapse.

In the stablecoin sector, trust is always the most expensive cost. The data is there—whether you believe it or not is up to your own judgment.