The timing is incredibly good for them right now. The banking collapse back in the spring was brought about because banks were holding too many bonds only yielding 0.25% and hence, if sold vs. held to maturity, would take a massive haircut. And the banks had to sell since they had so many withdrawls. I would bet Tether was in the same position, but they didn't experience the 50% outflows and needing to come up with cash. Now, any new treasuries accumulated in the past year are paying massively, and since tether doesn't pay dividends, they get to keep it all.
I bet you the banks are jealous. They also want to keep all the cash and earn interest, but not have to pay out depositors anything, and also not be worried about any withdrawls. Tether has the banks beat in this business model. Tether collects the cash and invests it. Doesn't need to pay any profit sharing, and doesn't worry about hardly any withdrawls.
Furthermore, if Tether survived bitcoin dropping to 16k and kept averaging in, they are also doing well. I don't think they were buying bitcoin when it was up at 60k, so they are probably doing much better than other people since the timing for their accumulation worked out better.
Because now that the wind is at their sails, and they survived the worst part of the storm, there will be no opportunity to see who is "swimming naked". Heck, the FED may even now be on their side since they are a large holder of USTs.
The only thing I would worry about is their ability to control individual addresses if told to by governments. But I wouldn't worry at this point about a collapse. As
@johnarb points out, the need for Tether is massive around the world and only going up.
That's my analysis.
