Tether CEO Accuses S&P Global and Influencers of Spreading FUD About USDT

Tether's CEO criticized S&P Global and accused USDT critics of spreading FUD.

Tether’s CEO Paolo Ardoino has criticized the rating agency S&P Global and accused USDT detractors of spreading FUD. 

re: Tether FUD

From latest attestation announcement (Q3 2025):

“Tether will continue to maintain a multi-billion-dollar excess reserve buffer and an overall proprietary Group equity approaching $30 billion.”

Tether had (at end of Q3 2025) ~7B in excess equity (on top of the…

— Paolo Ardoino 🤖 (@paoloardoino) November 30, 2025

The trigger was the downgrade of the stablecoin’s stability rating to the fifth and lowest level on S&P’s internal scale. Agency representatives explained the decision by citing an increase in the share of risky assets backing USDT and noted that the current capital buffer might be insufficient to cover losses if Bitcoin’s price falls. 

Ardoino then stated that the issuer “proudly wears S&P’s disdain.” According to him, the evaluation models used are outdated and do not align with the new financial system.

He later clarified that Tether’s total assets at the end of the third quarter of 2025 amounted to about $215 billion, with stablecoin liabilities at $184.5 billion. He added that the agency did not account for $7 billion in excess capital beyond reserves and $23 billion in undistributed profits. 

Ardoino mentioned the income from U.S. Treasury bonds, which amounts to approximately $500 million monthly. 

“Some influencers either lack mathematical understanding or are interested in promoting competitors. Our principles remain unchanged. That’s the essence,” Ardoino wrote. 

FUD  

BitMEX co-founder Arthur Hayes suggested that Tether is actively increasing its positions in gold and Bitcoin to offset the decline in income from its U.S. Treasury bond portfolio.

The Tether folks are in the early innings of running a massive interest rate trade. How I read this audit is they think the Fed will cut rates which crushes their interest income. In response, they are buying gold and $BTC that should in theory moon as the price of money falls.… pic.twitter.com/ZGhQRP4SVF

— Arthur Hayes (@CryptoHayes) November 29, 2025

“Tether is making a big bet on the Federal Reserve’s easing policy. According to the audit, the company expects interest rates to fall, which will hit its income. In response, it is increasing reserves in gold and Bitcoin, which should rise as fiat depreciates,” he wrote. 

However, the expert warned that a 30% drop in these assets could theoretically lead to the issuer’s insolvency. 

“Get ready for the show. Major newspapers and TV channels will now throw a fit over this. Especially those whose editors fiercely hate Trump—they will eagerly pounce on his ally Howard Lutnick and Cantor Fitzgerald for backing the stablecoin,” Hayes added. 

Akash Network founder Greg Osuri agreed with this view, calling Tether a “ticking bomb.” 

However, many disputed the critics’ arguments against the company behind USDT. Former Citi digital asset analyst Joseph Ayoub stated that he dedicated hundreds of hours to studying the issuer and its reserves. 

I spent 100’s of hours writing research on tether for @Citi. @CryptoHayes missed a few key points.

1) 𝐓𝐡𝐞𝐢𝐫 𝐝𝐢𝐬𝐜𝐥𝐨𝐬𝐞𝐝 𝐚𝐬𝐬𝐞𝐭𝐬 =/ 𝐚𝐥𝐥 𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐚𝐬𝐬𝐞𝐭𝐬

When tether generates $ they have a separate equity balance sheet which they don’t… https://t.co/pHSRr245Up

— Joseph (@JosephA140) November 30, 2025

He noted that Hayes missed several key points. According to the expert, the company has significant undisclosed assets, a highly profitable business model with billion-dollar revenues and a small staff, and maintains a level of backing that exceeds standards in the traditional banking sector.

According to his assessment, Tether has about $120 billion in income-generating Treasury bonds, which have yielded ~4% annually since 2023. This is approximately $10 billion in “liquid profit.” 

“The company’s capital valuation, in my estimation, ranges from $50 billion to $100 billion. As a benchmark, one can consider their own statements about plans to raise $20 billion by offering investors a 3% stake—this deal would imply a valuation of the entire business at around $670 billion. Although such a figure seems clearly inflated and unlikely to be realized in practice, it does not negate the fundamental value of their capital,” Ayoub noted. 

In his view, Tether will not become insolvent. The company effectively “owns a money-printing machine,” the analyst concluded. 

As reported in September, the issuer’s reserves reached 116 tons of gold. This volume is comparable to the reserves of South Korea, Hungary, or Greece.