Arthur Hayes has criticized Tether's dependence on traditional banking systems following the Federal Reserve's proposal to allow crypto firms direct access to its payment infrastructure. The Fed's 'skinny master account' model would enable eligible crypto and fintech companies to interact directly with its payment rails, potentially reducing Tether's reliance on intermediaries such as Cantor Fitzgerald and Bahamian banks. Tether, which manages $160 billion in USDT reserves, currently utilizes a combination of U.S. and offshore banks for custody and liquidity. In 2025, Tether expanded its U.S. operations by partnering with Anchorage Digital Bank to manage its new stablecoin, USAT.