BitMEX co-founder Arthur Hayes posted on social media that the Tether team is in the early stages of a massive interest rate trade. My interpretation of this audit report is that they believe the Federal Reserve will implement interest rate cuts, which will severely erode their interest income. In response, they are buying gold and Bitcoin; theoretically, when the cost of funding decreases, the prices of these assets should rise significantly. If their gold and Bitcoin holdings experience a drop of about 30%, they will deplete their equity, at which point USDT will theoretically become insolvent. I believe some large holders and exchanges will demand to see their balance sheets (B/S) in real time to assess Tether's solvency risk. Get ready for popcorn; I expect the mainstream media (MSM) to make a big deal out of this, especially editors with "Trump aversion syndrome" (TDS)—they are already resentful of Lutnick and Cantor's support for the stablecoin, and this will be another opportunity for them to attack.