---
title: "Union Investment's Hock Warns of Liquidity Risks for Tether and Circle"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286966307.md"
description: "Christoph Hock from Union Investment has expressed concerns about liquidity risks for stablecoins Tether (USDT) and Circle (USDC). He highlighted a past 13% depegging of USDC as a sign of structural vulnerabilities. Hock noted that Tether's gold and Bitcoin reserves make USDT resemble a hedge fund rather than a fiat-pegged currency, estimating Tether's gold holdings at 148 tonnes, worth about $23 billion as of January 2026."
datetime: "2026-05-19T20:53:09.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286966307.md)
  - [en](https://longbridge.com/en/news/286966307.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286966307.md)
---

# Union Investment's Hock Warns of Liquidity Risks for Tether and Circle

Christoph Hock from Union Investment has raised concerns about the liquidity risks associated with stablecoins Tether (USDT) and Circle (USDC). According to NS3.AI, Hock pointed to a previous 13% depegging of USDC as an indication of underlying structural vulnerabilities. He further noted that Tether's reserves in gold and Bitcoin give USDT characteristics more akin to a hedge fund rather than a fiat-pegged currency for overnight settlements. Hock estimated Tether's gold holdings at 148 tonnes, valued at approximately $23 billion as of January 2026.

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