CoinShares research director says Tether has billions of dollars in surplus

CoinShares research director James Butterfill responded to the Tether solvency controversy, pointing out that despite criticism from Arthur Hayes and S&P Global, Tether has billions of dollars in surplus and that market panic is "misplaced." Citing Tether's latest audit, he said the company held $181 billion in reserves, corresponding to liabilities of about $174.45 billion and a surplus of nearly $6.8 billion. Tether remains one of the most profitable companies in the industry, generating $10 billion in profits in the first three quarters of this year.