Cryptocurrencies: Tether accuses S&P of sowing unfounded doubts
7:00 PM ▪ 5 min read
The stability of the largest stablecoin in the market is in question. On November 29, S&P downgraded USDT's ability to maintain its parity with the dollar. Tether, through its CEO, Paolo Ardoino, denounces this analysis as biased and defends its figures. This confrontation between a key player in the cryptocurrency world and a major financial institution reignites the debate about the strength of reserves and trust in the ecosystem.
In brief
On November 29, S&P Global downgraded the ability of the stablecoin USDT to maintain its link to the dollar.
Tether, through its CEO Paolo Ardoino, denounces an incomplete analysis and defends the strength of its reserves.
Ardoino mentions $7 billion in excess capital and $500 million in monthly earnings from Treasury bonds.
This debate raises questions about transparency, the resilience of stablecoins, and the cryptocurrency market's dependence on USDT.
S&P downgrades USDT's rating, Tether responds with its figures
On November 29, S&P Global Ratings lowered the reliability rating of USDT, the stablecoin issued by Tether, to its lowest level.
The agency justifies this decision by citing Tether's exposure to assets deemed too volatile, particularly Bitcoin and gold, to guarantee absolute stability against the dollar. This rating immediately reignited a wave of criticism and doubts about the solidity of the Tether model, already under rigorous scrutiny by authorities and market participants.
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