K线人生飞哥
--
I exchanged the position of $USDT for $USDC
Tether's recent investment risk in gold lies in the misalignment of identity.
As an investment company, this is an excellent macro hedging strategy, capitalizing on the benefits of rising gold prices.
However, as a stablecoin issuer, placing a large reserve in volatile assets (gold) and active trading strategies undermines its purity and stability as 'digital cash'.
As long as Tether's gold holdings are primarily purchased using its profits (excess reserves), and core user funds are still supported by U.S. Treasuries, the risk remains manageable.
Once it is found to start using user principal to engage in large-scale speculation on gold, that would be an extremely dangerous signal.
In summary, after studying for a while, I decided to exchange my USDT holdings for USDC, just for everyone's reference.
{spot}(USDCUSDT)
Tether's recent investment risk in gold lies in the misalignment of identity.
As an investment company, this is an excellent macro hedging strategy, capitalizing on the benefits of rising gold prices.
However, as a stablecoin issuer, placing a large reserve in volatile assets (gold) and active trading strategies undermines its purity and stability as 'digital cash'.
As long as Tether's gold holdings are primarily purchased using its profits (excess reserves), and core user funds are still supported by U.S. Treasuries, the risk remains manageable.
Once it is found to start using user principal to engage in large-scale speculation on gold, that would be an extremely dangerous signal.
In summary, after studying for a while, I decided to exchange my USDT holdings for USDC, just for everyone's reference.
{spot}(USDCUSDT)
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.