Tether, the largest stablecoin with a market cap of $96 billion, has released its Q4 attestation report. The report shows a decrease in secured loans to $4.8 billion and an increase in excess reserves to $5.4 billion. However, the report reveals that a significant portion of Tether's reserves are still volatile assets, including $2.8 billion of Bitcoin and $5.6 billion classified as "other investments." Critics dispute Tether's claim that its stablecoin is backed one-to-one mostly by U.S. dollar equivalents like Treasury bills, and questions remain about the company's secured loan program.