Closer to 50% tbills and cash.
All caveated with if you trust MHA Cayman auditors.
The other 50% could be anything, and likely sketchy as they are chasing yield and extremely cagey about revealing anything about their holdings.
It's funny because this is pretty trivial stuff to audit for a 3rd party, yet they only open their books to a private company of their choosing with questionable background. It's obvious what's going on. This is the biggest issue with crypto traders, they're too damn gullible as long as the news fits their agenda.
If my memory is good, they even specifically mention in the attestation that they didn't see the details (just the aggregated numbers) and they didn't check the process by which the management calculated those numbers.
So yeah, it's taking much longer than most people expect, but the issue is certain - Tether will collapse to 0 at some point.
IIUC, Tbills have been quite liquid since the mid 1980s...
Ferraris and Yachts