Tether's Big Numbers and the Doubters

Tether, the company behind the popular stablecoin USDt, is facing some heat from the ratings agency S&P Global. They downgraded USDt's ability to stay tied to the US dollar, calling it "weak. " But Tether's CEO, Paolo Ardoino, isn't having it. He says S&P didn't look at all the money Tether has. At the end of 2025's third quarter, Tether had about $215 billion in assets. That's more than the $184. 5 billion they owe in stablecoins. Plus, they have extra cash and profits from US Treasury bonds. Ardoino points out that S&P missed some big numbers. Like the $7 billion extra cash and $23 billion in profits. He also mentions that Tether makes about $500 million every month from those US Treasury bonds. So, why the downgrade? It seems like S&P didn't see the whole picture. But not everyone is on Tether's side. Some analysts, like Arthur Hayes from BitMEX, think Tether might be buying gold and Bitcoin to make up for lower interest rates. If those prices drop by 30%, Tether could be in trouble. But Joseph Ayoub, a former analyst from Citi, disagrees. He says Tether has more money than they show and makes a lot of interest with just a few employees. He even says they're safer than traditional banks. So, who's right? It's hard to say. But one thing's for sure: Tether is a big deal in the crypto world. They're not just a stablecoin; they're a key part of the market. And with big numbers like these, it's no surprise people are paying attention.