Tether's recent actions indeed shed light on some issues. The downgrade by S&P has yet to be digested, and then they announced a $2 billion acquisition of Juventus—an €830 million purchase plus an additional €1 billion in subsequent investments. The official statement is that it's the founder's "childhood dream," but the truth might be more sobering.

This is not just a major expenditure but also a display of attitude. A stablecoin leader that relies on credit and reserves to survive, can actually spend wildly for personal interests and hobbies. What does €830 million mean? It's more than the annual profit of many traditional companies. They casually use that money to buy a football team and even plan to add another €1 billion.

The scariest part isn't the money itself, but the logic behind it. When a financial infrastructure's leader starts to be indifferent to their own decisions and dismissive of external concerns, that attitude itself becomes the biggest risk signal. Historically, most cracks in financial empires often begin with the arrogance and capriciousness of decision-makers. Today they can reallocate funds to fulfill dreams, tomorrow they might casually adjust the reserve composition for other goals.

So what truly warrants caution isn't the €20 billion expenditure, but that "I've got plenty of money" attitude. This mindset poses the greatest hidden risk to all users relying on stablecoins.