Overview
- CoinShares’ James Butterfill cites Tether’s latest attestation showing about $181 billion in assets against roughly $174.45 billion in liabilities, leaving a cushion near $6.8 billion.
- Arthur Hayes warns that a 30% drop in Bitcoin and gold could erase shareholder equity, focusing concern on the roughly 12.6% of reserves tied to those volatile assets, or about $22.8 billion.
- CEO Paolo Ardoino points to broader Tether Group figures of approximately $215 billion in total assets, around $7 billion in excess equity, and about $23 billion in retained earnings, with more than 70% of reserves in short‑term U.S. Treasuries.
- S&P Global cut USDT’s peg‑stability score to 5 on Nov. 26, citing higher‑risk exposures and disclosure gaps, a move that may limit EU market access under MiCA rules.
- Despite the debate, USDT remains central to crypto liquidity, recording roughly $719.83 billion in November on‑chain volume versus about $493.96 billion for USDC.