Overview
- S&P Global cut USDT’s stability assessment to its weakest score, citing rising exposure to volatile assets like bitcoin and gold and limited reserve granularity.
- Arthur Hayes warned that a roughly 30% drop in Tether’s combined bitcoin and gold could wipe out reported equity and render USDT theoretically insolvent, and he urged real-time balance-sheet visibility.
- Tether’s latest attestation lists about $181 billion in assets against roughly $174 billion in liabilities, including $12.9 billion in gold, about $10 billion in bitcoin, and $112.42 billion in U.S. Treasury bills.
- Tether rejected S&P’s view as outdated, with CEO Paolo Ardoino calling the downgrade a badge of honor, while supporters point to roughly $10 billion in annual profit and corporate equity not detailed in attestations.
- Tether confirmed it is winding down its Uruguay mining venture and cutting most local staff after failed power-price talks, as USDT continues to trade at its peg across major venues.