There is a hidden risk for crypto if the US defaults: 65% of Tethers reserves are in US treasury bills.

There is a hidden risk for crypto if the US defaults: 65% of their reserves are in US treasury bills.

link to their report

Of course, the US won't default and they will pay their bills, but still an interesting risk for crypto.

Also, Tether made a deal with the US years ago that if they would put invest most of the reserves in treasury bills, the US would not let them be because they lend all this money to the US.

They have >50 billion in treasury bills which is like 0,5% of the total US treasury and more than countries like Italy or Spain are holding. https://ticdata.treasury.gov/Publish/mfh.txt

Kind of crazy if you think of it