Xin chào, tôi có thể giúp gì cho bạn hôm nay?

Nh&#7853;t B&#7843;n, qu&#7889;c gia n&#432;&#7899;c ngo&agrave;i n&#7855;m gi&#7919; n&#7907; ch&iacute;nh ph&#7911; Hoa K&#7923; l&#7899;n nh&#7845;t th&#7871; gi&#7899;i, &#273;ang g&acirc;y ra lo l&#7855;ng tr&ecirc;n th&#7883; tr&#432;&#7901;ng khi c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch c&#7843;nh b&aacute;o r&#7857;ng m&#7897;t &#273;&#7907;t b&aacute;n th&aacute;o tr&aacute;i phi&#7871;u quy m&ocirc; l&#7899;n c&oacute; th&#7875; &#273;ang &#273;&#7871;n g&#7847;n.
M&#7889;i lo ng&#7841;i n&agrave;y &#273;ang lan t&#7899;i l&#297;nh v&#7921;c ti&#7873;n &#273;i&#7879;n t&#7917;, n&#417;i Tether, nh&agrave; ph&aacute;t h&agrave;nh stablecoin USDT &#273;&#432;&#7907;c h&#7895; tr&#7907; ch&#7911; y&#7871;u b&#7903;i h&#417;n 113 t&#7927; USD trong tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929;, &#273;&#7889;i m&#7863;t v&#7899;i s&#7921; gi&aacute;m s&aacute;t m&#7899;i v&#7873; c&aacute;c r&#7911;i ro m&#7845;t gi&aacute; c&oacute; th&#7875; x&#7843;y ra.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-analysts-warn-japan-could-dump-us-treasuries-as-domestic-yields-surge">C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch c&#7843;nh b&aacute;o Nh&#7853;t B&#7843;n c&oacute; th&#7875; b&aacute;n th&aacute;o tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; khi l&#7907;i su&#7845;t n&#7897;i &#273;&#7883;a t&#259;ng m&#7841;nh</h2>

Theo <a href="https://home.treasury.gov/news/press-releases/sb0317" target="_blank" rel="noreferrer noopener nofollow">d&#7919; li&#7879;u</a> m&#7899;i nh&#7845;t t&#7915; B&#7897; T&agrave;i ch&iacute;nh Hoa K&#7923;, nhu c&#7847;u c&#7911;a n&#432;&#7899;c ngo&agrave;i &#273;&#7889;i v&#7899;i tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; &#273;&atilde; gi&#7843;m v&agrave;o th&aacute;ng 09/2023. T&#7893;ng n&#7855;m gi&#7919; n&#432;&#7899;c ngo&agrave;i gi&#7843;m nh&#7865; xu&#7889;ng c&ograve;n 9.249 ngh&igrave;n t&#7927; USD, ch&#7881; gi&#7843;m nh&#7865; so v&#7899;i th&aacute;ng 08/2023.
Tuy nhi&ecirc;n, Nh&#7853;t B&#7843;n l&agrave; <a href="https://www.reuters.com/world/china/foreign-demand-us-treasuries-slips-september-japan-steps-up-buying-2025-11-18/" target="_blank" rel="noreferrer noopener nofollow">ngo&#7841;i l&#7879;</a> &#273;&#7889;i v&#7899;i s&#7921; suy gi&#7843;m n&agrave;y. Nh&#7853;t B&#7843;n k&eacute;o d&agrave;i chu&#7895;i mua li&ecirc;n ti&#7871;p ch&iacute;n th&aacute;ng, t&#259;ng l&#432;&#7907;ng n&#7855;m gi&#7919; l&ecirc;n 1.189 ngh&igrave;n t&#7927; USD, m&#7913;c cao nh&#7845;t k&#7875; t&#7915; th&aacute;ng 08/2022. &#272;i&#7873;u n&agrave;y c&#7911;ng c&#7889; v&#7883; th&#7871; l&acirc;u d&agrave;i c&#7911;a Nh&#7853;t B&#7843;n l&agrave; ch&#7911; s&#7903; h&#7919;u n&#432;&#7899;c ngo&agrave;i l&#7899;n nh&#7845;t c&#7911;a tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929;.
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&ldquo;H&#7885; mua n&#7907; n&#432;&#7899;c ngo&agrave;i v&igrave; tr&aacute;i phi&#7871;u Nh&#7853;t B&#7843;n g&#7847;n nh&#432; kh&ocirc;ng sinh l&#7901;i,&rdquo; m&#7897;t nh&agrave; ph&acirc;n t&iacute;ch <a href="https://x.com/NoLimitGains/status/1997855289417007500" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a>.
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Kho&#7843;ng c&aacute;ch &#273;&oacute; khi&#7871;n n&#7907; M&#7929; tr&#7903; th&agrave;nh l&#7921;a ch&#7885;n h&#7845;p d&#7851;n, c&oacute; r&#7911;i ro th&#7845;p. Nh&#432;ng t&igrave;nh h&igrave;nh v&#297; m&ocirc; &#273;ang thay &#273;&#7893;i. Nh&#432; BeInCrypto &#273;&atilde; nh&#7845;n m&#7841;nh tr&#432;&#7899;c &#273;&acirc;y, <a href="https://vn.beincrypto.com/japan-40-year-bond-yield-surge-global-market-impact/" target="_blank" rel="noreferrer noopener">l&atilde;i su&#7845;t tr&aacute;i phi&#7871;u ch&iacute;nh ph&#7911; Nh&#7853;t B&#7843;n</a> &#273;&atilde; t&#259;ng l&ecirc;n m&#7913;c cao nh&#7845;t trong nhi&#7873;u n&#259;m.
Khi <a href="https://vn.beincrypto.com/japan-bond-yield-surge-crypto-liquidation/" target="_blank" rel="noreferrer noopener">l&atilde;i su&#7845;t trong n&#432;&#7899;c c&#7843;i thi&#7879;n,</a> &#273;&#7897;ng l&#7921;c &#273;&#7875; ti&#7871;p t&#7909;c t&iacute;ch l&#361;y tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; gi&#7843;m s&uacute;t. &#272;i&#7873;u n&agrave;y c&#361;ng khi&#7871;n kh&#7843; n&#259;ng Nh&#7853;t B&#7843;n c&oacute; th&#7875; gi&#7843;m t&#7927; l&#7879; n&#7855;m gi&#7919; n&#7871;u &#273;i&#7873;u ki&#7879;n th&#7883; tr&#432;&#7901;ng ho&#7863;c <a href="https://vn.beincrypto.com/japan-rate-hike-crypto-liquidations-us-crypto-news/" target="_blank" rel="noreferrer noopener">&#432;u ti&ecirc;n ch&iacute;nh s&aacute;ch thay &#273;&#7893;i</a> m&#7841;nh h&#417;n.
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&ldquo;Kh&#7911;ng ho&#7843;ng n&#7907; l&acirc;u nay b&#7883; l&atilde;ng qu&ecirc;n c&#7911;a Nh&#7853;t B&#7843;n &#273;ang n&#7893;i l&ecirc;n, khi g&aacute;nh n&#7863;ng n&#7907; l&ecirc;n t&#7899;i 230% so v&#7899;i GDP g&#7863;p ph&#7843;i s&#7921; m&#7903; r&#7897;ng t&agrave;i kh&oacute;a l&#7899;n d&#432;&#7899;i th&#7901;i Th&#7911; t&#432;&#7899;ng Sanae Takaichi, g&acirc;y ra s&#7921; t&#259;ng v&#7885;t trong l&atilde;i su&#7845;t tr&aacute;i phi&#7871;u v&agrave; lo ng&#7841;i c&#7911;a nh&agrave; &#273;&#7847;u t&#432;. M&#7897;t c&uacute; s&#7889;c &#7903; Nh&#7853;t B&#7843;n c&oacute; th&#7875; lan ra to&agrave;n c&#7847;u, &#273;&#7863;c bi&#7879;t khi Tokyo l&agrave; ng&#432;&#7901;i mua tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; l&#7899;n nh&#7845;t, gia t&#259;ng &aacute;p l&#7921;c cho c&aacute;c th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u v&#7889;n &#273;&atilde; c&#259;ng th&#7859;ng b&#7903;i chi ph&iacute; vay t&#259;ng v&agrave; kh&ocirc;ng gian t&agrave;i kh&oacute;a thu h&#7865;p,&rdquo; Lena Petrova <a href="https://x.com/LenaPetrovaOnX/status/1997310339243708464" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a>.
</blockquote>

M&#7897;t nh&agrave; ph&acirc;n t&iacute;ch kh&aacute;c &#273;&atilde; nh&#7845;n m&#7841;nh r&#7857;ng s&#7921; ch&ecirc;nh l&#7879;ch gi&#7919;a l&atilde;i su&#7845;t tr&aacute;i phi&#7871;u M&#7929; v&agrave; Nh&#7853;t &#273;&atilde; thu h&#7865;p t&#7915; 3.5% xu&#7889;ng c&ograve;n 2.4% trong s&aacute;u th&aacute;ng. L&#7907;i su&#7845;t &#273;&atilde; b&#7883; b&#7843;o hi&#7875;m c&#7911;a tr&aacute;i phi&#7871;u kho b&#7841;c ng&agrave;y c&agrave;ng k&eacute;m h&#7845;p d&#7851;n. B&agrave;i vi&#7871;t c&#7843;nh b&aacute;o r&#7857;ng n&#7871;u ch&ecirc;nh l&#7879;ch n&agrave;y ti&#7871;p c&#7853;n 2%, vi&#7879;c h&#7891;i h&#432;&#417;ng v&#7889;n s&#7869; tr&#7903; n&ecirc;n h&#7845;p d&#7851;n v&#7873; m&#7863;t kinh t&#7871;.
&#272;i&#7873;u n&agrave;y c&oacute; th&#7875; th&uacute;c &#273;&#7849;y c&aacute;c t&#7893; ch&#7913;c Nh&#7853;t B&#7843;n b&aacute;n tr&aacute;i phi&#7871;u ch&iacute;nh ph&#7911; M&#7929; v&agrave; t&aacute;i ph&acirc;n b&#7893; v&#7889;n trong n&#432;&#7899;c. M&#7897;t s&#7889; m&ocirc; h&igrave;nh d&#7921; b&aacute;o r&#7857;ng c&oacute; th&#7875; c&oacute; t&#7899;i 500 t&#7927; USD tho&aacute;t ra kh&#7887;i c&aacute;c th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u trong 18 th&aacute;ng.
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&ldquo;C&ograve;n c&oacute; giao d&#7883;ch m&#432;&#7907;n yen carry trade, kho&#7843;ng 1.2 ngh&igrave;n t&#7927; USD m&#432;&#7907;n r&#7867; b&#7857;ng yen v&agrave; &#273;&#7847;u t&#432; kh&#7855;p n&#417;i tr&ecirc;n th&#7871; gi&#7899;i v&agrave;o c&#7893; phi&#7871;u, ti&#7873;n &#273;i&#7879;n t&#7917;, c&aacute;c th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i, b&#7845;t c&#7913; th&#7913; g&igrave; sinh l&#7901;i. Khi l&atilde;i su&#7845;t Nh&#7853;t B&#7843;n t&#259;ng v&agrave; &#273;&#7891;ng yen m&#7841;nh l&ecirc;n, c&aacute;c giao d&#7883;ch &#273;&oacute; tr&#7903; n&ecirc;n &#273;&#7897;c h&#7841;i. C&aacute;c v&#7883; th&#7871; &#273;&#432;&#7907;c g&#7905; b&#7887;. B&aacute;n bu&#7897;c ph&#7843;i t&#259;ng t&#7889;c&hellip;. Trong 30 n&#259;m qua, l&atilde;i su&#7845;t Nh&#7853;t B&#7843;n &#273;&atilde; &#273;&oacute;ng vai tr&ograve; neo gi&#7919; l&agrave;m gi&#7843;m l&atilde;i su&#7845;t to&agrave;n c&#7847;u m&#7897;t c&aacute;ch nh&acirc;n t&#7841;o. M&#7885;i danh m&#7909;c &#273;&#7847;u t&#432; &#273;&#432;&#7907;c x&acirc;y d&#7921;ng t&#7915; gi&#7919;a nh&#7919;ng n&#259;m 90 &acirc;m th&#7847;m d&#7921;a v&agrave;o c&aacute;i neo &#273;&oacute;. Ng&agrave;y nay, n&oacute; &#273;&atilde; b&#7883; g&atilde;y,&rdquo; nh&agrave; ph&acirc;n t&iacute;ch th&ecirc;m v&agrave;o.
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<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-tether-s-us-treasury-exposure-draws-focus">Tether b&#7883; ch&uacute; &yacute; b&#7903;i vi&#7879;c ti&#7871;p x&uacute;c v&#7899;i tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929;</h2>

C&acirc;u h&#7887;i m&agrave; nhi&#7873;u nh&agrave; ph&acirc;n t&iacute;ch hi&#7879;n &#273;ang &#273;&#7863;t ra l&agrave;: N&#7871;u Nh&#7853;t B&#7843;n b&#7855;t &#273;&#7847;u gi&#7843;m n&#7855;m gi&#7919; tr&aacute;i phi&#7871;u kho b&#7841;c, &#273;i&#7873;u &#273;&oacute; s&#7869; <a href="https://beincrypto.com/learn/best-usdt-wallet/" target="_blank" rel="noreferrer noopener">c&oacute; &yacute; ngh&#297;a g&igrave; &#273;&#7889;i v&#7899;i USDT</a>? Lo ng&#7841;i n&#7843;y sinh v&igrave; c&#7845;u tr&uacute;c d&#7921; tr&#7919; c&#7911;a Tether t&#7853;p trung l&#7899;n v&agrave;o c&ugrave;ng lo&#7841;i t&agrave;i s&#7843;n c&oacute; th&#7875; g&#7863;p &aacute;p l&#7921;c.
Theo b&aacute;o c&aacute;o minh b&#7841;ch c&#7911;a Tether, h&#417;n 80% d&#7921; tr&#7919; c&#7911;a h&#7885; n&#7857;m trong tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929;. &#272;i&#7873;u n&agrave;y khi&#7871;n n&oacute; tr&#7903; th&agrave;nh m&#7897;t ng&#432;&#7901;i tham gia l&#7899;n trong h&#7879; sinh th&aacute;i tr&aacute;i phi&#7871;u kho b&#7841;c to&agrave;n c&#7847;u, v&agrave; &#273;&aacute;ng ch&uacute; &yacute; l&agrave; <a href="https://vn.beincrypto.com/tether-us-debt-holdings-2025/" target="_blank" rel="noreferrer noopener">ch&#7911; s&#7903; h&#7919;u l&#7899;n th&#7913; 17 c&#7911;a n&#7907; ch&iacute;nh ph&#7911; M&#7929;</a> tr&ecirc;n to&agrave;n c&#7847;u, v&#432;&#7907;t qua nhi&#7873;u th&#7921;c th&#7875; c&oacute; ch&#7911; quy&#7873;n.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/Rk0bRyrkWIpLeNdP6UN_ZprhzU8=/smart/7d4c06b606f648cfafd572d19ad9b6e7" alt="" class="wp-image-780266">Th&agrave;nh ph&#7847;n D&#7921; tr&#7919; c&#7911;a Tether. Ngu&#7891;n: <a href="https://tether.to/ru/transparency/?tab=reports" target="_blank" rel="noreferrer noopener nofollow">Tether</a>

S&#7921; t&#7853;p trung nh&#432; v&#7853;y c&oacute; nh&#7919;ng l&#7907;i th&#7871; v&agrave; &#273;i&#7875;m y&#7871;u. Tr&aacute;i phi&#7871;u kho b&#7841;c cung c&#7845;p t&iacute;nh thanh kho&#7843;n cao v&agrave; &#7893;n &#273;&#7883;nh gi&aacute; m&#7841;nh m&#7869; trong l&#7883;ch s&#7917;. Tuy nhi&ecirc;n, n&#7871;u m&#7897;t ch&#7911; n&#7907; n&#432;&#7899;c ngo&agrave;i l&#7899;n nh&#432; Nh&#7853;t B&#7843;n b&#7855;t &#273;&#7847;u gi&#7843;m b&#7899;t n&#7855;m gi&#7919;, s&#7921; bi&#7871;n &#273;&#7897;ng k&#7871;t qu&#7843; trong gi&aacute; ho&#7863;c l&atilde;i su&#7845;t tr&aacute;i phi&#7871;u c&oacute; th&#7875; th&#7855;t ch&#7863;t &#273;i&#7873;u ki&#7879;n thanh kho&#7843;n, gi&aacute;n ti&#7871;p g&acirc;y &aacute;p l&#7921;c cho c&aacute;c ch&#7911; s&#7903; h&#7919;u l&#7899;n nh&#432; Tether.
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&ldquo;Nh&#7853;t B&#7843;n s&#7869; bu&#7897;c ph&#7843;i b&aacute;n tr&aacute;i phi&#7871;u M&#7929;, ph&#7847;n c&ograve;n l&#7841;i c&#7911;a th&#7871; gi&#7899;i s&#7869; theo sau. Tether s&#7869; ch&#7883;u thi&#7879;t h&#7841;i l&#7899;n v&#7873; gi&aacute; tr&#7883; v&agrave; Bitcoin s&#7869; s&#7909;p &#273;&#7893; do &#273;&oacute;. MicroStrategy s&#7869; bu&#7897;c ph&#7843;i b&aacute;n v&agrave; &#273;i&#7873;u n&agrave;y s&#7869; c&agrave;ng l&agrave;m gi&aacute; Bitcoin gi&#7843;m. Nh&#7853;t B&#7843;n &#10145;&#65039;Tether&#10145;&#65039;Bitcoin Theo th&#7913; t&#7921; n&agrave;y,&rdquo; m&#7897;t ng&#432;&#7901;i quan s&aacute;t th&#7883; tr&#432;&#7901;ng <a href="https://x.com/unknowDLT/status/1997831583194399062" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>.
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Th&ecirc;m v&agrave;o nh&#7919;ng lo ng&#7841;i n&agrave;y, S&amp;P Global Ratings <a href="https://vn.beincrypto.com/sp-downgrades-usdt-china-crypto-reaction/" target="_blank" rel="noreferrer noopener">&#273;&atilde; h&#7841; b&#7853;c &#273;&aacute;nh gi&aacute;</a> kh&#7843; n&#259;ng c&#7911;a Tether trong vi&#7879;c duy tr&igrave; gi&aacute; tr&#7883; c&#7911;a m&igrave;nh, di chuy&#7875;n USDT t&#7915; &#273;i&#7875;m 4 (h&#7841;n ch&#7871;) xu&#7889;ng 5 (y&#7871;u). Theo &#273;&aacute;nh gi&aacute;,
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&ldquo;5 (y&#7871;u) ph&#7843;n &aacute;nh s&#7921; gia t&#259;ng r&#7911;i ro t&agrave;i s&#7843;n trong d&#7921; tr&#7919; c&#7911;a USDT su&#7889;t n&#259;m qua v&agrave; nh&#7919;ng l&#7895; h&#7893;ng trong vi&#7879;c c&ocirc;ng khai th&ocirc;ng tin. C&aacute;c t&agrave;i s&#7843;n n&agrave;y bao g&#7891;m bitcoin, v&agrave;ng, c&aacute;c kho&#7843;n vay c&oacute; b&#7843;o &#273;&#7843;m, tr&aacute;i phi&#7871;u doanh nghi&#7879;p v&agrave; c&aacute;c kho&#7843;n &#273;&#7847;u t&#432; kh&aacute;c, t&#7845;t c&#7843; &#273;&#7873;u c&oacute; c&ocirc;ng khai th&ocirc;ng tin h&#7841;n ch&#7871; v&agrave; g&#7863;p ph&#7843;i c&aacute;c r&#7911;i ro v&#7873; t&iacute;n d&#7909;ng, th&#7883; tr&#432;&#7901;ng, l&atilde;i su&#7845;t v&agrave; t&#7927; gi&aacute; ngo&#7841;i t&#7879;.&rdquo;
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M&#7863;c d&ugrave; c&oacute; nh&#7919;ng lo ng&#7841;i t&#7915; kinh t&#7871; v&#297; m&ocirc;, h&#7847;u h&#7871;t nh&#7919;ng ng&#432;&#7901;i tham gia th&#7883; tr&#432;&#7901;ng &#273;&#7873;u th&#7845;y &iacute;t kh&#7843; n&#259;ng <a href="https://beincrypto.com/learn/how-to-buy-and-store-the-different-types-of-tether/" target="_blank" rel="noreferrer noopener">Tether b&#7883; m&#7845;t neo gi&aacute;</a> m&#7897;t c&aacute;ch b&#7855;t bu&#7897;c. C&aacute;c nh&agrave; giao d&#7883;ch tr&ecirc;n th&#7883; tr&#432;&#7901;ng d&#7921; &#273;o&aacute;n Opinion g&aacute;n m&#7897;t x&aacute;c su&#7845;t 0.5% cho k&#7883;ch b&#7843;n n&agrave;y, cho th&#7845;y s&#7921; ho&agrave;i nghi cao c&#7911;a nh&agrave; &#273;&#7847;u t&#432;.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/wF0Zyt4uoZXNMdFM-eyclmc553c=/smart/5c0a55149ac54c0cbbe8e501d8306a6b" alt="" class="wp-image-780273">T&#7927; l&#7879; m&#7845;t neo gi&aacute; c&#7911;a USDT. Ngu&#7891;n: <a href="https://app.opinion.trade/detail?topicId=1463" target="_blank" rel="noreferrer noopener nofollow">Opinion</a>

C&oacute; m&#7897;t s&#7889; y&#7871;u t&#7889; l&yacute; gi&#7843;i cho s&#7921; ho&agrave;i nghi n&agrave;y. Tether &#273;&atilde; duy tr&igrave; neo gi&aacute; c&#7911;a m&igrave;nh trong c&aacute;c cu&#7897;c kh&#7911;ng ho&#7843;ng th&#7883; tr&#432;&#7901;ng tr&#432;&#7899;c &#273;&acirc;y. C&ocirc;ng ty &#273;&atilde; t&#7841;o ra 10 t&#7927; USD l&#7907;i nhu&#7853;n trong ba qu&yacute; &#273;&#7847;u n&#259;m 2025, cung c&#7845;p m&#7897;t v&ugrave;ng &#273;&#7879;m &#273;&aacute;ng k&#7875; ch&#7889;ng l&#7841;i s&#7921; dao &#273;&#7897;ng d&#7921; tr&#7919;.
M&#7863;c d&ugrave; vi&#7879;c r&uacute;t kh&#7887;i ng&acirc;n kh&#7889; Nh&#7853;t B&#7843;n c&oacute; th&#7875; quan tr&#7885;ng, nh&#432;ng qu&aacute; tr&igrave;nh n&agrave;y c&oacute; th&#7875; di&#7877;n ra t&#7915; t&#7915;. Th&#7883; tr&#432;&#7901;ng tr&aacute;i phi&#7871;u kho b&#7841;c Hoa K&#7923; v&#7851;n r&#7897;ng l&#7899;n v&agrave; c&oacute; th&#7875; h&#7845;p th&#7909; &aacute;p l&#7921;c t&#7915; vi&#7879;c b&aacute;n m&agrave; kh&ocirc;ng g&acirc;y ra s&#7921; gi&aacute;n &#273;o&#7841;n l&#7899;n. D&ugrave; v&#7853;y, s&#7921; k&#7871;t h&#7907;p gi&#7919;a s&#7921; gia t&#259;ng l&#7907;i su&#7845;t c&#7911;a Nh&#7853;t B&#7843;n, h&#7841; b&#7853;c x&#7871;p h&#7841;ng c&#7911;a S&amp;P, v&agrave; s&#7921; k&#7871;t h&#7907;p d&#7921; tr&#7919; c&#7911;a Tether c&#7847;n &#273;&#432;&#7907;c gi&aacute;m s&aacute;t ch&#7863;t ch&#7869;.

Điều gì sẽ xảy ra với Tether nếu Nhật Bản bán tháo trái phiếu chính phủ Mỹ? Giải thích rủi ro mất giá.

Nh&#7853;t B&#7843;n, qu&#7889;c gia n&#432;&#7899;c ngo&agrave;i n&#7855;m gi&#7919; n&#7907; ch&iacute;nh ph&#7911; Hoa K&#7923; l&#7899;n nh&#7845;t th&#7871; gi&#7899;i, &#273;ang g&acirc;y ra lo l&#7855;ng tr&ecirc;n th&#7883; tr&#432;&#7901;ng khi c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch c&#7843;nh b&aacute;o r&#7857;ng m&#7897;t &#273;&#7907;t b&aacute;n th&aacute;o tr&aacute;i phi&#7871;u quy m&ocirc; l&#7899;n c&oacute; th&#7875; &#273;ang &#273;&#7871;n g&#7847;n.
M&#7889;i lo ng&#7841;i n&agrave;y &#273;ang lan t&#7899;i l&#297;nh v&#7921;c ti&#7873;n &#273;i&#7879;n t&#7917;, n&#417;i Tether, nh&agrave; ph&aacute;t h&agrave;nh stablecoin USDT &#273;&#432;&#7907;c h&#7895; tr&#7907; ch&#7911; y&#7871;u b&#7903;i h&#417;n 113 t&#7927; USD trong tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929;, &#273;&#7889;i m&#7863;t v&#7899;i s&#7921; gi&aacute;m s&aacute;t m&#7899;i v&#7873; c&aacute;c r&#7911;i ro m&#7845;t gi&aacute; c&oacute; th&#7875; x&#7843;y ra.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-analysts-warn-japan-could-dump-us-treasuries-as-domestic-yields-surge">C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch c&#7843;nh b&aacute;o Nh&#7853;t B&#7843;n c&oacute; th&#7875; b&aacute;n th&aacute;o tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; khi l&#7907;i su&#7845;t n&#7897;i &#273;&#7883;a t&#259;ng m&#7841;nh</h2>

Theo <a href="https://home.treasury.gov/news/press-releases/sb0317" target="_blank" rel="noreferrer noopener nofollow">d&#7919; li&#7879;u</a> m&#7899;i nh&#7845;t t&#7915; B&#7897; T&agrave;i ch&iacute;nh Hoa K&#7923;, nhu c&#7847;u c&#7911;a n&#432;&#7899;c ngo&agrave;i &#273;&#7889;i v&#7899;i tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; &#273;&atilde; gi&#7843;m v&agrave;o th&aacute;ng 09/2023. T&#7893;ng n&#7855;m gi&#7919; n&#432;&#7899;c ngo&agrave;i gi&#7843;m nh&#7865; xu&#7889;ng c&ograve;n 9.249 ngh&igrave;n t&#7927; USD, ch&#7881; gi&#7843;m nh&#7865; so v&#7899;i th&aacute;ng 08/2023.
Tuy nhi&ecirc;n, Nh&#7853;t B&#7843;n l&agrave; <a href="https://www.reuters.com/world/china/foreign-demand-us-treasuries-slips-september-japan-steps-up-buying-2025-11-18/" target="_blank" rel="noreferrer noopener nofollow">ngo&#7841;i l&#7879;</a> &#273;&#7889;i v&#7899;i s&#7921; suy gi&#7843;m n&agrave;y. Nh&#7853;t B&#7843;n k&eacute;o d&agrave;i chu&#7895;i mua li&ecirc;n ti&#7871;p ch&iacute;n th&aacute;ng, t&#259;ng l&#432;&#7907;ng n&#7855;m gi&#7919; l&ecirc;n 1.189 ngh&igrave;n t&#7927; USD, m&#7913;c cao nh&#7845;t k&#7875; t&#7915; th&aacute;ng 08/2022. &#272;i&#7873;u n&agrave;y c&#7911;ng c&#7889; v&#7883; th&#7871; l&acirc;u d&agrave;i c&#7911;a Nh&#7853;t B&#7843;n l&agrave; ch&#7911; s&#7903; h&#7919;u n&#432;&#7899;c ngo&agrave;i l&#7899;n nh&#7845;t c&#7911;a tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929;.
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&ldquo;H&#7885; mua n&#7907; n&#432;&#7899;c ngo&agrave;i v&igrave; tr&aacute;i phi&#7871;u Nh&#7853;t B&#7843;n g&#7847;n nh&#432; kh&ocirc;ng sinh l&#7901;i,&rdquo; m&#7897;t nh&agrave; ph&acirc;n t&iacute;ch <a href="https://x.com/NoLimitGains/status/1997855289417007500" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a>.
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Kho&#7843;ng c&aacute;ch &#273;&oacute; khi&#7871;n n&#7907; M&#7929; tr&#7903; th&agrave;nh l&#7921;a ch&#7885;n h&#7845;p d&#7851;n, c&oacute; r&#7911;i ro th&#7845;p. Nh&#432;ng t&igrave;nh h&igrave;nh v&#297; m&ocirc; &#273;ang thay &#273;&#7893;i. Nh&#432; BeInCrypto &#273;&atilde; nh&#7845;n m&#7841;nh tr&#432;&#7899;c &#273;&acirc;y, <a href="https://vn.beincrypto.com/japan-40-year-bond-yield-surge-global-market-impact/" target="_blank" rel="noreferrer noopener">l&atilde;i su&#7845;t tr&aacute;i phi&#7871;u ch&iacute;nh ph&#7911; Nh&#7853;t B&#7843;n</a> &#273;&atilde; t&#259;ng l&ecirc;n m&#7913;c cao nh&#7845;t trong nhi&#7873;u n&#259;m.
Khi <a href="https://vn.beincrypto.com/japan-bond-yield-surge-crypto-liquidation/" target="_blank" rel="noreferrer noopener">l&atilde;i su&#7845;t trong n&#432;&#7899;c c&#7843;i thi&#7879;n,</a> &#273;&#7897;ng l&#7921;c &#273;&#7875; ti&#7871;p t&#7909;c t&iacute;ch l&#361;y tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; gi&#7843;m s&uacute;t. &#272;i&#7873;u n&agrave;y c&#361;ng khi&#7871;n kh&#7843; n&#259;ng Nh&#7853;t B&#7843;n c&oacute; th&#7875; gi&#7843;m t&#7927; l&#7879; n&#7855;m gi&#7919; n&#7871;u &#273;i&#7873;u ki&#7879;n th&#7883; tr&#432;&#7901;ng ho&#7863;c <a href="https://vn.beincrypto.com/japan-rate-hike-crypto-liquidations-us-crypto-news/" target="_blank" rel="noreferrer noopener">&#432;u ti&ecirc;n ch&iacute;nh s&aacute;ch thay &#273;&#7893;i</a> m&#7841;nh h&#417;n.
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&ldquo;Kh&#7911;ng ho&#7843;ng n&#7907; l&acirc;u nay b&#7883; l&atilde;ng qu&ecirc;n c&#7911;a Nh&#7853;t B&#7843;n &#273;ang n&#7893;i l&ecirc;n, khi g&aacute;nh n&#7863;ng n&#7907; l&ecirc;n t&#7899;i 230% so v&#7899;i GDP g&#7863;p ph&#7843;i s&#7921; m&#7903; r&#7897;ng t&agrave;i kh&oacute;a l&#7899;n d&#432;&#7899;i th&#7901;i Th&#7911; t&#432;&#7899;ng Sanae Takaichi, g&acirc;y ra s&#7921; t&#259;ng v&#7885;t trong l&atilde;i su&#7845;t tr&aacute;i phi&#7871;u v&agrave; lo ng&#7841;i c&#7911;a nh&agrave; &#273;&#7847;u t&#432;. M&#7897;t c&uacute; s&#7889;c &#7903; Nh&#7853;t B&#7843;n c&oacute; th&#7875; lan ra to&agrave;n c&#7847;u, &#273;&#7863;c bi&#7879;t khi Tokyo l&agrave; ng&#432;&#7901;i mua tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; l&#7899;n nh&#7845;t, gia t&#259;ng &aacute;p l&#7921;c cho c&aacute;c th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u v&#7889;n &#273;&atilde; c&#259;ng th&#7859;ng b&#7903;i chi ph&iacute; vay t&#259;ng v&agrave; kh&ocirc;ng gian t&agrave;i kh&oacute;a thu h&#7865;p,&rdquo; Lena Petrova <a href="https://x.com/LenaPetrovaOnX/status/1997310339243708464" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a>.
</blockquote>

M&#7897;t nh&agrave; ph&acirc;n t&iacute;ch kh&aacute;c &#273;&atilde; nh&#7845;n m&#7841;nh r&#7857;ng s&#7921; ch&ecirc;nh l&#7879;ch gi&#7919;a l&atilde;i su&#7845;t tr&aacute;i phi&#7871;u M&#7929; v&agrave; Nh&#7853;t &#273;&atilde; thu h&#7865;p t&#7915; 3.5% xu&#7889;ng c&ograve;n 2.4% trong s&aacute;u th&aacute;ng. L&#7907;i su&#7845;t &#273;&atilde; b&#7883; b&#7843;o hi&#7875;m c&#7911;a tr&aacute;i phi&#7871;u kho b&#7841;c ng&agrave;y c&agrave;ng k&eacute;m h&#7845;p d&#7851;n. B&agrave;i vi&#7871;t c&#7843;nh b&aacute;o r&#7857;ng n&#7871;u ch&ecirc;nh l&#7879;ch n&agrave;y ti&#7871;p c&#7853;n 2%, vi&#7879;c h&#7891;i h&#432;&#417;ng v&#7889;n s&#7869; tr&#7903; n&ecirc;n h&#7845;p d&#7851;n v&#7873; m&#7863;t kinh t&#7871;.
&#272;i&#7873;u n&agrave;y c&oacute; th&#7875; th&uacute;c &#273;&#7849;y c&aacute;c t&#7893; ch&#7913;c Nh&#7853;t B&#7843;n b&aacute;n tr&aacute;i phi&#7871;u ch&iacute;nh ph&#7911; M&#7929; v&agrave; t&aacute;i ph&acirc;n b&#7893; v&#7889;n trong n&#432;&#7899;c. M&#7897;t s&#7889; m&ocirc; h&igrave;nh d&#7921; b&aacute;o r&#7857;ng c&oacute; th&#7875; c&oacute; t&#7899;i 500 t&#7927; USD tho&aacute;t ra kh&#7887;i c&aacute;c th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u trong 18 th&aacute;ng.
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&ldquo;C&ograve;n c&oacute; giao d&#7883;ch m&#432;&#7907;n yen carry trade, kho&#7843;ng 1.2 ngh&igrave;n t&#7927; USD m&#432;&#7907;n r&#7867; b&#7857;ng yen v&agrave; &#273;&#7847;u t&#432; kh&#7855;p n&#417;i tr&ecirc;n th&#7871; gi&#7899;i v&agrave;o c&#7893; phi&#7871;u, ti&#7873;n &#273;i&#7879;n t&#7917;, c&aacute;c th&#7883; tr&#432;&#7901;ng m&#7899;i n&#7893;i, b&#7845;t c&#7913; th&#7913; g&igrave; sinh l&#7901;i. Khi l&atilde;i su&#7845;t Nh&#7853;t B&#7843;n t&#259;ng v&agrave; &#273;&#7891;ng yen m&#7841;nh l&ecirc;n, c&aacute;c giao d&#7883;ch &#273;&oacute; tr&#7903; n&ecirc;n &#273;&#7897;c h&#7841;i. C&aacute;c v&#7883; th&#7871; &#273;&#432;&#7907;c g&#7905; b&#7887;. B&aacute;n bu&#7897;c ph&#7843;i t&#259;ng t&#7889;c&hellip;. Trong 30 n&#259;m qua, l&atilde;i su&#7845;t Nh&#7853;t B&#7843;n &#273;&atilde; &#273;&oacute;ng vai tr&ograve; neo gi&#7919; l&agrave;m gi&#7843;m l&atilde;i su&#7845;t to&agrave;n c&#7847;u m&#7897;t c&aacute;ch nh&acirc;n t&#7841;o. M&#7885;i danh m&#7909;c &#273;&#7847;u t&#432; &#273;&#432;&#7907;c x&acirc;y d&#7921;ng t&#7915; gi&#7919;a nh&#7919;ng n&#259;m 90 &acirc;m th&#7847;m d&#7921;a v&agrave;o c&aacute;i neo &#273;&oacute;. Ng&agrave;y nay, n&oacute; &#273;&atilde; b&#7883; g&atilde;y,&rdquo; nh&agrave; ph&acirc;n t&iacute;ch th&ecirc;m v&agrave;o.
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<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-tether-s-us-treasury-exposure-draws-focus">Tether b&#7883; ch&uacute; &yacute; b&#7903;i vi&#7879;c ti&#7871;p x&uacute;c v&#7899;i tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929;</h2>

C&acirc;u h&#7887;i m&agrave; nhi&#7873;u nh&agrave; ph&acirc;n t&iacute;ch hi&#7879;n &#273;ang &#273;&#7863;t ra l&agrave;: N&#7871;u Nh&#7853;t B&#7843;n b&#7855;t &#273;&#7847;u gi&#7843;m n&#7855;m gi&#7919; tr&aacute;i phi&#7871;u kho b&#7841;c, &#273;i&#7873;u &#273;&oacute; s&#7869; <a href="https://beincrypto.com/learn/best-usdt-wallet/" target="_blank" rel="noreferrer noopener">c&oacute; &yacute; ngh&#297;a g&igrave; &#273;&#7889;i v&#7899;i USDT</a>? Lo ng&#7841;i n&#7843;y sinh v&igrave; c&#7845;u tr&uacute;c d&#7921; tr&#7919; c&#7911;a Tether t&#7853;p trung l&#7899;n v&agrave;o c&ugrave;ng lo&#7841;i t&agrave;i s&#7843;n c&oacute; th&#7875; g&#7863;p &aacute;p l&#7921;c.
Theo b&aacute;o c&aacute;o minh b&#7841;ch c&#7911;a Tether, h&#417;n 80% d&#7921; tr&#7919; c&#7911;a h&#7885; n&#7857;m trong tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929;. &#272;i&#7873;u n&agrave;y khi&#7871;n n&oacute; tr&#7903; th&agrave;nh m&#7897;t ng&#432;&#7901;i tham gia l&#7899;n trong h&#7879; sinh th&aacute;i tr&aacute;i phi&#7871;u kho b&#7841;c to&agrave;n c&#7847;u, v&agrave; &#273;&aacute;ng ch&uacute; &yacute; l&agrave; <a href="https://vn.beincrypto.com/tether-us-debt-holdings-2025/" target="_blank" rel="noreferrer noopener">ch&#7911; s&#7903; h&#7919;u l&#7899;n th&#7913; 17 c&#7911;a n&#7907; ch&iacute;nh ph&#7911; M&#7929;</a> tr&ecirc;n to&agrave;n c&#7847;u, v&#432;&#7907;t qua nhi&#7873;u th&#7921;c th&#7875; c&oacute; ch&#7911; quy&#7873;n.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/Rk0bRyrkWIpLeNdP6UN_ZprhzU8=/smart/7d4c06b606f648cfafd572d19ad9b6e7" alt="" class="wp-image-780266">Th&agrave;nh ph&#7847;n D&#7921; tr&#7919; c&#7911;a Tether. Ngu&#7891;n: <a href="https://tether.to/ru/transparency/?tab=reports" target="_blank" rel="noreferrer noopener nofollow">Tether</a>

S&#7921; t&#7853;p trung nh&#432; v&#7853;y c&oacute; nh&#7919;ng l&#7907;i th&#7871; v&agrave; &#273;i&#7875;m y&#7871;u. Tr&aacute;i phi&#7871;u kho b&#7841;c cung c&#7845;p t&iacute;nh thanh kho&#7843;n cao v&agrave; &#7893;n &#273;&#7883;nh gi&aacute; m&#7841;nh m&#7869; trong l&#7883;ch s&#7917;. Tuy nhi&ecirc;n, n&#7871;u m&#7897;t ch&#7911; n&#7907; n&#432;&#7899;c ngo&agrave;i l&#7899;n nh&#432; Nh&#7853;t B&#7843;n b&#7855;t &#273;&#7847;u gi&#7843;m b&#7899;t n&#7855;m gi&#7919;, s&#7921; bi&#7871;n &#273;&#7897;ng k&#7871;t qu&#7843; trong gi&aacute; ho&#7863;c l&atilde;i su&#7845;t tr&aacute;i phi&#7871;u c&oacute; th&#7875; th&#7855;t ch&#7863;t &#273;i&#7873;u ki&#7879;n thanh kho&#7843;n, gi&aacute;n ti&#7871;p g&acirc;y &aacute;p l&#7921;c cho c&aacute;c ch&#7911; s&#7903; h&#7919;u l&#7899;n nh&#432; Tether.
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&ldquo;Nh&#7853;t B&#7843;n s&#7869; bu&#7897;c ph&#7843;i b&aacute;n tr&aacute;i phi&#7871;u M&#7929;, ph&#7847;n c&ograve;n l&#7841;i c&#7911;a th&#7871; gi&#7899;i s&#7869; theo sau. Tether s&#7869; ch&#7883;u thi&#7879;t h&#7841;i l&#7899;n v&#7873; gi&aacute; tr&#7883; v&agrave; Bitcoin s&#7869; s&#7909;p &#273;&#7893; do &#273;&oacute;. MicroStrategy s&#7869; bu&#7897;c ph&#7843;i b&aacute;n v&agrave; &#273;i&#7873;u n&agrave;y s&#7869; c&agrave;ng l&agrave;m gi&aacute; Bitcoin gi&#7843;m. Nh&#7853;t B&#7843;n &#10145;&#65039;Tether&#10145;&#65039;Bitcoin Theo th&#7913; t&#7921; n&agrave;y,&rdquo; m&#7897;t ng&#432;&#7901;i quan s&aacute;t th&#7883; tr&#432;&#7901;ng <a href="https://x.com/unknowDLT/status/1997831583194399062" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>.
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Th&ecirc;m v&agrave;o nh&#7919;ng lo ng&#7841;i n&agrave;y, S&amp;P Global Ratings <a href="https://vn.beincrypto.com/sp-downgrades-usdt-china-crypto-reaction/" target="_blank" rel="noreferrer noopener">&#273;&atilde; h&#7841; b&#7853;c &#273;&aacute;nh gi&aacute;</a> kh&#7843; n&#259;ng c&#7911;a Tether trong vi&#7879;c duy tr&igrave; gi&aacute; tr&#7883; c&#7911;a m&igrave;nh, di chuy&#7875;n USDT t&#7915; &#273;i&#7875;m 4 (h&#7841;n ch&#7871;) xu&#7889;ng 5 (y&#7871;u). Theo &#273;&aacute;nh gi&aacute;,
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&ldquo;5 (y&#7871;u) ph&#7843;n &aacute;nh s&#7921; gia t&#259;ng r&#7911;i ro t&agrave;i s&#7843;n trong d&#7921; tr&#7919; c&#7911;a USDT su&#7889;t n&#259;m qua v&agrave; nh&#7919;ng l&#7895; h&#7893;ng trong vi&#7879;c c&ocirc;ng khai th&ocirc;ng tin. C&aacute;c t&agrave;i s&#7843;n n&agrave;y bao g&#7891;m bitcoin, v&agrave;ng, c&aacute;c kho&#7843;n vay c&oacute; b&#7843;o &#273;&#7843;m, tr&aacute;i phi&#7871;u doanh nghi&#7879;p v&agrave; c&aacute;c kho&#7843;n &#273;&#7847;u t&#432; kh&aacute;c, t&#7845;t c&#7843; &#273;&#7873;u c&oacute; c&ocirc;ng khai th&ocirc;ng tin h&#7841;n ch&#7871; v&agrave; g&#7863;p ph&#7843;i c&aacute;c r&#7911;i ro v&#7873; t&iacute;n d&#7909;ng, th&#7883; tr&#432;&#7901;ng, l&atilde;i su&#7845;t v&agrave; t&#7927; gi&aacute; ngo&#7841;i t&#7879;.&rdquo;
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M&#7863;c d&ugrave; c&oacute; nh&#7919;ng lo ng&#7841;i t&#7915; kinh t&#7871; v&#297; m&ocirc;, h&#7847;u h&#7871;t nh&#7919;ng ng&#432;&#7901;i tham gia th&#7883; tr&#432;&#7901;ng &#273;&#7873;u th&#7845;y &iacute;t kh&#7843; n&#259;ng <a href="https://beincrypto.com/learn/how-to-buy-and-store-the-different-types-of-tether/" target="_blank" rel="noreferrer noopener">Tether b&#7883; m&#7845;t neo gi&aacute;</a> m&#7897;t c&aacute;ch b&#7855;t bu&#7897;c. C&aacute;c nh&agrave; giao d&#7883;ch tr&ecirc;n th&#7883; tr&#432;&#7901;ng d&#7921; &#273;o&aacute;n Opinion g&aacute;n m&#7897;t x&aacute;c su&#7845;t 0.5% cho k&#7883;ch b&#7843;n n&agrave;y, cho th&#7845;y s&#7921; ho&agrave;i nghi cao c&#7911;a nh&agrave; &#273;&#7847;u t&#432;.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/wF0Zyt4uoZXNMdFM-eyclmc553c=/smart/5c0a55149ac54c0cbbe8e501d8306a6b" alt="" class="wp-image-780273">T&#7927; l&#7879; m&#7845;t neo gi&aacute; c&#7911;a USDT. Ngu&#7891;n: <a href="https://app.opinion.trade/detail?topicId=1463" target="_blank" rel="noreferrer noopener nofollow">Opinion</a>

C&oacute; m&#7897;t s&#7889; y&#7871;u t&#7889; l&yacute; gi&#7843;i cho s&#7921; ho&agrave;i nghi n&agrave;y. Tether &#273;&atilde; duy tr&igrave; neo gi&aacute; c&#7911;a m&igrave;nh trong c&aacute;c cu&#7897;c kh&#7911;ng ho&#7843;ng th&#7883; tr&#432;&#7901;ng tr&#432;&#7899;c &#273;&acirc;y. C&ocirc;ng ty &#273;&atilde; t&#7841;o ra 10 t&#7927; USD l&#7907;i nhu&#7853;n trong ba qu&yacute; &#273;&#7847;u n&#259;m 2025, cung c&#7845;p m&#7897;t v&ugrave;ng &#273;&#7879;m &#273;&aacute;ng k&#7875; ch&#7889;ng l&#7841;i s&#7921; dao &#273;&#7897;ng d&#7921; tr&#7919;.
M&#7863;c d&ugrave; vi&#7879;c r&uacute;t kh&#7887;i ng&acirc;n kh&#7889; Nh&#7853;t B&#7843;n c&oacute; th&#7875; quan tr&#7885;ng, nh&#432;ng qu&aacute; tr&igrave;nh n&agrave;y c&oacute; th&#7875; di&#7877;n ra t&#7915; t&#7915;. Th&#7883; tr&#432;&#7901;ng tr&aacute;i phi&#7871;u kho b&#7841;c Hoa K&#7923; v&#7851;n r&#7897;ng l&#7899;n v&agrave; c&oacute; th&#7875; h&#7845;p th&#7909; &aacute;p l&#7921;c t&#7915; vi&#7879;c b&aacute;n m&agrave; kh&ocirc;ng g&acirc;y ra s&#7921; gi&aacute;n &#273;o&#7841;n l&#7899;n. D&ugrave; v&#7853;y, s&#7921; k&#7871;t h&#7907;p gi&#7919;a s&#7921; gia t&#259;ng l&#7907;i su&#7845;t c&#7911;a Nh&#7853;t B&#7843;n, h&#7841; b&#7853;c x&#7871;p h&#7841;ng c&#7911;a S&amp;P, v&agrave; s&#7921; k&#7871;t h&#7907;p d&#7921; tr&#7919; c&#7911;a Tether c&#7847;n &#273;&#432;&#7907;c gi&aacute;m s&aacute;t ch&#7863;t ch&#7869;.