So old and crusty are concerns that Tether is either not being upfront about the reserves backing its USDT stablecoin or faces imminent threat of being undercapitalized, that the crypto industry has developed its own two-word dismissive response: "Tether FUD." Through soaring bull markets, the most brutal of bear markets, the comings and going of charlatans like Sam Bankman-Fried, Alex Mashinsky, and dozens of others, Tether's USDT has continued to grow and function as designed — pegged to the U.S. dollar ...

（来源：吴说） 来源：市场资讯 吴说获悉，Tether CEO Paolo Ardoino 回应标普（S&P）对 Tether 的最新评级时表示，"我们以被你们厌 恶为荣"。Paolo 指出，传统评级体系长期将投资者引向最终倒塌的"投资级"机构，已让全球监管对评级 机构的独立性产生质疑。他称，传统金融体系不愿看到任何企业脱离其"失灵的重力"，但 Tether 已打造 行业首个超额资本化、无有毒资产、且持续高盈利的公司，证明旧体系的脆弱正令"皇帝的新衣式"的掌 权者感到不安。 ...

Core Insights - Large Bitcoin holders are transferring wealth from blockchain to Wall Street balance sheets through new ETFs, allowing them to incorporate digital assets into the regulated financial system without selling [1][2] - A regulatory change this summer permits large investors to conduct "physical exchanges," enabling Bitcoin to be exchanged for ETF shares, a process that has been widely used in most ETFs but was only approved for Bitcoin products in July [1][3] Group 1: Benefits of Conversion - By converting Bitcoin into ETF shares, investors can maintain the same exposure to cryptocurrency while transforming it into a form recognized by the financial system [3] - Holdings in brokerage accounts can be used as collateral for loans, estate planning, and other financial operations, which are cumbersome and risky in private digital wallets [3][4] - Wealth management services are enhanced for investors who transfer significant Bitcoin holdings into ETFs, allowing them to access higher levels of service [4] Group 2: Market Dynamics - There is a growing demand for these conversion transactions as large Bitcoin holders recognize the convenience of holding exposure within existing financial advisor or private banking relationships [4][6] - BlackRock has facilitated over $3 billion in such conversion transactions, indicating strong interest from investors in moving their holdings to wealth management platforms [1][4] - As regulatory clarity increases, more investors and financial institutions are expected to participate in these conversion transactions, further integrating Bitcoin into the mainstream financial system [6] Group 3: Wall Street's Role - More Wall Street institutions are likely to utilize these physical exchange transactions, with banks playing a limited role in facilitating these trades, particularly in the ETF creation process [5] - The irony of Bitcoin's evolution is noted, as it was originally created to escape traditional finance, yet its largest holders are now seeking to reintegrate into that system [6]