Joseph, a former Citi crypto research head, has defended Tether’s stability in response to Arthur Hayes’ critique. While Hayes raises concerns about the stablecoin issuer’s reserve disclosures, Joseph argues that Tether’s diverse financial landscape goes beyond disclosed reserves and points to substantial equity, Bitcoin mining operations, and other valuable assets as contributing factors to its overall strength. These holdings generate billions in annual profit from Treasury holdings, ensuring a strong financial base even if there are temporary gaps in disclosed reserves. According to Joseph, Tether can easily cover such gaps by selling equity or liquidating other assets. This strengthens the argument against insolvency risks and highlights the company’s diverse asset base.