BitMEX co-founder Arthur Hayes said that the world’s largest stablecoin issuer, Tether, is preparing for a Federal Reserve rate‑cut cycle. He is concerned that as Tether increases its exposure to Bitcoin and gold, it also increases the chance that a sharp pullback in those assets could weaken its equity cushion. While Hayes called this a massive risk, the broader crypto market argues that Tether is far more financially strong than it is perceived to be. Hayes Sounds the Alarm Hayes said that Tether’s la ...