According to @paoloardoino, he highlighted an analysis labeling Tether as a quasi-sovereign allocator in an X post on Aug 20, 2025, signaling how the company frames its role in capital allocation (source: @paoloardoino on X). The post does not disclose new financial metrics, reserve changes, or policy announcements, indicating no immediate operational update for USDT from this communication (source: @paoloardoino on X). For trading, monitor USDT liquidity and spreads on major spot and derivatives venues to gauge funding conditions and market depth (source: publicly available market data from major crypto exchanges). Track flows between USDT and USD rails to assess redemption and issuance demand that can affect stablecoin liquidity across pairs (source: Tether transparency updates and on-chain transfer data). Review reserve composition, including U.S. Treasury exposure, in Tether’s quarterly reserve attestations to understand interest-rate sensitivity and counterparty concentration risks (source: Tether quarterly reserve attestations).