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"In a diversified portfolio of assets"

Fundamentally, having $2.5bn in a bank account is almost always a silly idea due to opportunity cost: the alternative is that it could be invested in a mix of things that give a reliable and reasonable rate of return.

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But haven't tether explicitly promised to keep the USD reserves as cash?

> But haven't tether explicitly promised to keep the USD reserves as cash?

Just as we think of bank deposits as cash, most accounting procedures (reasonably) treat Treasuries as cash.

I can imagine why central-bank-hating Austrians might not put money in treasury bonds.

Yes - sorry for being unclear , that was the 'almost' in my comment. I was explaining why this situation is unheard of and there isn't a standard practice, and why someone like Apple doesn't face this problem.

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