Tether is incredibly wealthy: Their annual report shows a net profit exceeding $10 billion last year, holding $141 billion in US Treasury bonds, and currently possessing $17.4 billion in gold and $8.4 billion in Bitcoin. 1️⃣ Tether aims to achieve a net profit exceeding $10 billion by 2025, with USDT circulation increasing by $50 billion in one year. Its total liabilities are approximately $186.5 billion, and it has $6.3 billion in excess reserves as a safety cushion. 2️⃣ Its core asset allocation is highly "quasi-sovereign," directly and indirectly holding a total of $141 billion in US Treasury bonds, making it one of the world's largest holders of US debt. 3️⃣ Simultaneously, Tether has significantly increased its holdings of non-sovereign assets, with $17.4 billion in gold and $8.4 billion in Bitcoin in its hedging system, and an additional $20 billion in independent investment portfolios. However, I just had AI rate Tether's security, and it only gave it a 7.5. Under the same conditions, Circle (USDC) gave it an 8, the reason being that it is more compliant and transparent, but its profitability and "resistance to bank runs" are not as good as Tether's. Large compliant exchanges (such as Coinbase) scored 7.8 (in terms of custodial assets). The highest score was JPMorgan Chase (JPM) at 9: subject to the strictest banking supervision, complete audits, a clear central bank backing system, and "systemic safety net" in extreme situations.