Prominent early Uber investor Jason Calacanis is issuing a strong directive to Tether, urging the stablecoin giant to undertake a significant transformation by "Americanizing" its operations. This isn't merely a suggestion but a comprehensive strategy aimed at bolstering the company's credibility and mitigating potential systemic risks within the cryptocurrency ecosystem.
A Blueprint for Stability
Calacanis's detailed proposal centers on fundamental changes to Tether's reserve management and operational transparency. His primary recommendation is for Tether to divest all its Bitcoin holdings, a move he believes would remove a significant layer of risk. In their place, he advocates for a complete shift to holding 100% U.S. Treasuries. This strategic pivot would replace riskier assets with fully safe, liquid, and transparent government securities, offering a bedrock of stability for the leading stablecoin issuer. Furthermore, to cement its commitment to transparency, Calacanis insists that Tether undergo two independent audits conducted by American firms.
Addressing Lingering Concerns
These recommendations stem from a long-standing skepticism regarding Tether's operational opacity and its potential as a systemic risk. Calacanis has previously labeled Tether as crypto's potential "black swan" due to its historical lack of comprehensive audits and transparency. His concerns are echoed by entities like S&P Global, which recently downgraded USDT's dollar-peg stability to "weak." This downgrade specifically cited Tether's substantial Bitcoin holdings—currently valued at approximately $9 billion—exceeding safety buffers, alongside the absence of full audits and non-transparent custodians. By adopting Calacanis's proposals, Tether could address these critical vulnerabilities, fostering trust and de-risking a crucial component of the crypto market.
