November 30th, BitMEX co-founder Arthur Hayes posted a message stating that the Tether team is in the early stages of conducting a large-scale carry trade. My interpretation of the Tether reserve audit report is that they believe the Fed will cut interest rates, which will severely impact their interest income. In response, Tether is buying gold and BTC; in theory, when the currency price (interest rate) falls, these assets should skyrocket. The "gold + BTC position" dropping by about 30% would wipe out their equity capital, and then USDT would theoretically be insolvent. I believe some large holders and trading platforms will request real-time access to Tether's balance sheet to assess counterparty risk.Get your popcorn ready; mainstream media is expected to hype this up, especially those editors suffering from "Trump Derangement Syndrome" (TDS), who want to seize the opportunity to attack Lutnick and Cantor, the main supporters of this stablecoin. Mentioned are "Commerce Secretary Howard Lutnick and his financial services company Cantor Fitzgerald, the main backers and partners of Tether".