Tether CEO Paolo Ardoino and market analysts have pushed again towards S&P International’s downgrade on USDt’s (USDT) potential to take care of a greenback peg, saying the ranking company doesn’t have in mind all of Tether’s belongings and earnings.
In keeping with Ardoino, referring to Tether’s third quarter certification report, Tether Group’s whole belongings had been roughly $215 billion on the finish of the third quarter of 2025, and whole stablecoin debt was roughly $184.5 billion. He added:
“As of the top of the third quarter of 2025, Tether had stablecoin reserves of roughly $184.5 billion, plus extra capital of roughly $7 billion, and a further roughly $23 billion in retained earnings as a part of Tether Group Capital.
“S&P made the identical mistake by not taking into consideration the extra group fairness and the roughly $500 million in month-to-month underlying earnings generated from U.S. Treasury yields alone,” Ardoino continued.
sauce: Paolo Ardoino
S&P International on Wednesday downgraded USDt’s dollar-pegged ranking to “weak,” the corporate’s lowest ranking, elevating concern, uncertainty and doubt from some analysts concerning the firm, which has grow to be a key a part of the crypto market infrastructure.
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Analysts focus on Tether’s stability sheet fundamentals
Arthur Hayes, a market analyst and founding father of cryptocurrency trade BitMEX, speculated that Tether could also be shopping for massive quantities of gold and BTC to make up for the shortage of revenue attributable to decrease U.S. Treasury yields.
Hayes stated the worth of gold and BTC ought to rise because the Federal Reserve lowers rates of interest, however on the similar time warned {that a} sharp correction in these belongings may trigger difficulties for Tether.
“If the gold and BTC positions decline by about 30%, the belongings will disappear and USDt will theoretically grow to be bancrupt,” he stated.
sauce: Arthur Hayes
Joseph Ayoub, former chief digital asset analyst at monetary providers big Citi, stated he spent “a whole bunch of hours” researching Tether as an analyst on the agency and rejected Hayes’ evaluation.
Ayoub stated Tether has extra surplus belongings than reported, has a extremely worthwhile enterprise producing billions of {dollars} in curiosity revenue with simply 150 staff, and is healthier collateralized than conventional banks.
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