The comments followed S&P’s downgrade of USDt’s ability to maintain its peg, which cited Tether’s Bitcoin and gold reserves as a concern.
Tether CEO Paolo Ardoino and market analysts pushed back against S&P Global’s downgraded rating of USDt’s (USDT) ability to maintain its US dollar peg, saying that the ratings agency did not account for all of Tether’s assets and revenues.
The Tether Group’s total assets at the end of Q3 2025 totaled about $215 billion, while its total stablecoin liabilities were about $184.5 billion, according to Ardoino, who referenced Tether’s Q3 attestation report. He added:
S&P made the same mistake of not considering the additional Group Equity, nor the roughly $500 million in monthly base profits generated by US Treasury yields alone,” Ardoino continued.
