PANews reported on December 1st that crypto analyst Willy Woo released a chart comparing bank runs to Tether (USDT). Despite experiencing a 20-25% redemption wave in 2022, Tether still managed to fully redeem its assets, outperforming traditional banks like Silicon Valley Bank (25%) and First Republic Bank (57%). Woo pointed out that 77% of Tether's assets are currently in cash equivalents, with the remainder in gold and Bitcoin, representing a total overcollateralization of 3%. Even if volatile assets plummet by 30% in extreme market conditions, USDT still has 95% asset backing.