# Basel İlgili Makaleler

HTX Haber Merkezi, kripto endüstrisindeki piyasa trendleri, proje güncellemeleri, teknoloji gelişmeleri ve düzenleyici politikaları kapsayan "Basel" hakkında en son makaleleri ve derinlemesine analizleri sunmaktadır.

2025 Tether Financial Analysis: An Additional $45 Billion in Reserves Needed to Maintain Stability

The article analyzes Tether's financial stability in 2025, arguing it functions as an unregulated bank rather than a simple payment operator. It applies a banking regulatory framework (Basel Capital Framework) to assess if Tether holds sufficient capital (its ~$6.8B in excess reserves) to cover potential losses from its asset portfolio. The core issue is whether Tether's total capital is adequate for its risk-weighted assets (RWAs). Its $181.2B in assets are largely in low-risk instruments (~77%), but ~13% is in volatile commodities like gold and Bitcoin. The analysis estimates Tether's RWAs between $62.3B and $175.3B, depending on the conservative treatment of its Bitcoin holdings. Under a baseline scenario, Tether's capital ratio is near minimum regulatory requirements. However, compared to well-capitalized banks, it may need an additional ~$4.5B in capital to support its current $USDT issuance. A more punitive treatment of Bitcoin could imply a deficit of $12.5B-$25B. Tether's counter-argument points to substantial group-level profits and equity (~$20B+), but these are not legally committed to the token entity and are invested in illiquid ventures like mining and AI. The article concludes that the sufficiency of Tether's capital is a complex, structural question without a definitive answer, dependent on asset risk weightings and the firm's willingness to mobilize group resources in a crisis.

marsbit12/08 07:31

2025 Tether Financial Analysis: An Additional $45 Billion in Reserves Needed to Maintain Stability

marsbit12/08 07:31

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