Overview
- S&P Global cut USDT to its lowest stability score on Nov. 26, citing rising exposure to volatile assets and limited disclosure.
- Tether’s Q3 attestation shows about $181 billion in assets against roughly $174 billion in liabilities, including around $139–140 billion in cash and cash equivalents.
- The report lists approximately $12.9 billion in gold and $9.9–$10 billion in Bitcoin, drawing focus to mark-to-market and liquidity sensitivities.
- Arthur Hayes said a 30% drop in the combined Bitcoin and gold positions could erase Tether’s equity and urged real‑time balance‑sheet visibility for large holders and exchanges.
- Tether and CEO Paolo Ardoino rejected S&P’s methodology and defended the firm’s capitalization and profits as others called for full independent audits; separately, Tether is winding down its Uruguay mining venture and cutting staff there.