13B it’s not entirely from treasuries. The breakdown is 7B from treasuries —> probably from the methods you described 5B from Gold —> believable if you notice

13B it’s not entirely from treasuries. The breakdown is 7B from treasuries —> probably from the methods you described 5B from Gold —> believable if you notice how gold has done in 2024 1B from other sources. No idea what they are. The article mentions that tether may not have been audited by a third party. So I’m not sure how believable these numbers are.