The cryptocurrency industry is facing concerns over the potential for a liquidity crisis to hit Tether, the largest stablecoin by market capitalization. Experts warn that the lack of independent audits for Tether, combined with its reliance on partner banks, poses a significant risk to the industry. Justin Bons, co-founder of CyberCapital, states that Tether is "the biggest single point of failure in crypto," and that investors are forced to trust Tether's claims of having $118 billion in reserves without any proof. Sean Lee, co-founder of IDA Foundation, adds that "if Tether were to collapse, it would likely be due to structural issues with partner banks." He also points out that Circle's USDC was also heavily reliant on Silicon Valley Bank (SVB) and Signature Bank, and their collapse has seen USDC's market share decline. However, Anndy Lian, a cryptocurrency expert, believes that Tether will not collapse due to its large market cap. He does acknowledge that any centralized entity brings risk to the crypto space. The concerns raised by experts underscore the importance of transparency and regulation in the cryptocurrency industry. A liquidity crisis at Tether could have a significant impact on the broader crypto market, and the lack of independent audits for Tether is a major concern.