What do you mean by “emerging markets”? Goldman Sachs has tons of people whose entire jobs are dealing with those in the common meaning of the term – they manage dedicated funds for their customers! It seems highly unlikely that they wouldn’t have at least some basic awareness of anyone doing business at that scale.

Given the space and the degree to which they refuse to reveal normal financial information, I assume they’re either directly involved in fraud/money laundering or are treating other cryptocurrency companies’ debt as far more stable than it actually is. This is such a common criticism and there’s no reason why you’d keep it this secretive if the news was good.

Only if by "emerging markets" you mean Binance (and other crypto companies). Because that is almost certainly the source of any CP that Tether holds.

Emerging markets? Which of course means that even if they started with $X of collateral a year ago, they're exposed to the wider market crash which is happening and therefore have much less.

Not to mention currency risk. I heard they were invested in china which if they were their yuan are now worth 6% less to get the same amount of USD which customers are expecting USDT to be in.