USDT was given a "weak" rating by S&P? The CEO showed the financial statements in response, but the controversy is far from over.

Question

[Coin World] USDT is in trouble again? S&P gave its peg stability a “weak” rating, and Tether's CEO Paolo Ardoino was not happy about it.

He directly threw out the ledger for Q3 2025: the group's total assets are 215 billion USD, liabilities are 184.5 billion USD, excess equity is 7 billion, and retained earnings have even reached 23 billion. Just from the yield on US Treasury bonds, they can steadily earn 500 million USD every month. With this data presented, where is it “weak”?

However, the controversy is escalating. Arthur Hayes, the founder of BitMEX, suddenly issued a warning - Tether's investments in gold and Bitcoin could undermine its solvency if the economy were to collapse. The statement is quite direct.

Former Citigroup analyst Joseph Ayoub stepped in to mediate: You are underestimating Tether's capital strength and profitability.

On one side are the impressive financial report data, and on the other side is the concern about risk exposure. Who should the market trust? The trust defense battle for USDT is likely to continue.

ContractFreelancer · Accepted Answer

Speaking of which, the S&P rating is really outrageous, with 23 billion in retained earnings right here, and still considered "weak"?

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Arthur Hayes is looking for trouble, right? The economic explosion is just a hypothetical question, is it really interesting to worry about it now?

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Paolo directly showing the accounts is really amazing, let&#39;s see how the S&P will smooth things over now.

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With 500 million in U.S. Treasury bond income coming in every month, calling this a weak rating makes me laugh out loud.

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Damn, how can such a small issue in the crypto world always escalate like this? USDT is the ceiling of stablecoins, stop the nonsense.

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Joseph Ayoub makes a good point, a bunch of people just know how to create panic.

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I do agree with Hayes that investing in gold and Bitcoin carries high risks, but saying there are repayment issues now is really too early.

BearMarketGardener · Answer

Isn&#39;t it ridiculous to say that the S&P still dares to claim weakness based on this data?

Arthur is just one of those guys who loves to sound the alarm; the probability of an economic collapse must be enormous.

A retained earnings of 23 billion is really impressive, and they can still earn 500 million every month. How is this financial health considered "weak"?

The S&P rating is becoming less and less valuable, isn&#39;t it?

What I&#39;m really worried about is if Tether has too much tied up in coins and gold; what if they can&#39;t recover losses?

Earning 500 million a month from U.S. Treasury interest is solid, at least it gives them confidence.

To be honest, the financial data being presented this time is indeed much more transparent than before.

MEVHunterNoLoss · Answer

Is showing the ledger all it takes? Real money or just a numbers game that needs time to verify?

S&P isn&#39;t daring to give a weak rating without logic; Arthur&#39;s words really hit the nail on the head.

Data may look good, but the key is whether the economy can hold up when it truly collapses.

Tether now feels like walking a tightrope, flexing its muscles while being scrutinized; how much longer can this go on?

Paolo&#39;s recent move feels like being cornered, pulling out the ledger to counterattack, somewhat reminiscent of the saying about having no silver here.

Earning 500 million in U.S. Treasury interest in a single month is no small feat, but can this really be a get-out-of-jail-free card? It&#39;s hard to say.

LiquidationAlert · Answer

S&P really dares, using outdated data to give USDT a downgrade? A monthly income of 500 million is enough to crush most stablecoins, right?

Tether&#39;s hard counter this time is beautiful, just waving the ledger is the response, it&#39;s just a matter of whether Wall Street buys this or not.

Arthur is still worrying for nothing, during an economic collapse, stablecoins are still the last bastion, okay?