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Opinion: Tether and USDC reserve structures are more similar to high-risk hedge funds
Hock pointed out that Tether holds a large amount of gold and Bitcoin assets in its reserves, making it not purely a low-risk cash equivalent linked to the US dollar.
He believes this structure could transmit market volatility risks to corporate finances and institutional investors.
He specifically mentioned that USDC experienced a 13% de-pegging event in the past, and said that for corporate finance departments and asset management institutions relying on stablecoins for overnight cash settlements, such price fluctuations pose a "catastrophic risk."
Hock stated that institutional investors cannot tolerate significant short-term losses in cash positions, and criticized that some current stablecoins have deviated from their original purpose of being "fiat-pegged digital cash."
Data shows that as of January 2026, Tether's gold reserves amount to approximately 148 tons, valued at about 23 billion USD, surpassing the gold reserves of some sovereign countries.
As European regulators continue to strengthen scrutiny of unlicensed stablecoins, the transparency of stablecoin reserves and liquidity risks are becoming key concerns for traditional financial institutions.
(Source: BlockBeats)