{"id":91602,"date":"2025-12-01T14:20:17","date_gmt":"2025-12-01T11:20:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=91602"},"modified":"2025-12-01T14:25:25","modified_gmt":"2025-12-01T11:25:25","slug":"tether-ceo-accuses-sp-global-and-influencers-of-spreading-fud-about-usdt","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/tether-ceo-accuses-sp-global-and-influencers-of-spreading-fud-about-usdt\/","title":{"rendered":"Tether CEO Accuses S&#038;P Global and Influencers of Spreading FUD About USDT"},"content":{"rendered":"<p>Tether&#8217;s CEO Paolo Ardoino has criticized the rating agency S&#038;P Global and accused USDT detractors of spreading <span data-descr=\"Fear, Uncertainty, Doubt \u2014 'fear, uncertainty, and doubt'\" class=\"old_tooltip\">FUD<\/span>.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">re: Tether FUD<\/p>\n<p>From latest attestation announcement (Q3 2025): <\/p>\n<p>&#8220;Tether will continue to maintain a multi-billion-dollar excess reserve buffer and an overall proprietary Group equity approaching $30 billion.&#8221; <\/p>\n<p>Tether had (at end of Q3 2025) ~7B in excess equity (on top of the\u2026<\/p>\n<p>\u2014 Paolo Ardoino \ud83e\udd16 (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1995154943808839704?ref_src=twsrc%5Etfw\">November 30, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The trigger <a href=\"https:\/\/forklog.com\/en\/news\/sp-cuts-tethers-stability-score-to-the-lowest-tier\">was the downgrade<\/a> of the <a href=\"https:\/\/forklog.com\/en\/news\/what-are-stablecoins\">stablecoin&#8217;s<\/a> stability rating to the fifth and lowest level on S&#038;P&#8217;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&#8217;s price falls.\u00a0<\/p>\n<p>Ardoino then stated that the issuer &#8220;proudly wears S&#038;P&#8217;s disdain.&#8221; According to him, the evaluation models used are outdated and do not align with the new financial system.<\/p>\n<p>He later clarified that Tether&#8217;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.\u00a0<\/p>\n<p>Ardoino mentioned the income from U.S. Treasury bonds, which amounts to approximately $500 million monthly.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Some influencers either lack mathematical understanding or are interested in promoting competitors. Our principles remain unchanged. That&#8217;s the essence,&#8221; Ardoino wrote.\u00a0<\/em><\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">FUD\u00a0\u00a0<\/h2>\n<p>BitMEX co-founder Arthur Hayes suggested that Tether is actively increasing its positions in gold and Bitcoin to offset the decline in income from its U.S. Treasury bond portfolio.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The Tether folks are in the early innings of running a massive interest rate trade. How I read this audit is they think the Fed will cut rates which crushes their interest income. In response, they are buying gold and <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> that should in theory moon as the price of money falls.\u2026 <a href=\"https:\/\/t.co\/ZGhQRP4SVF\">pic.twitter.com\/ZGhQRP4SVF<\/a><\/p>\n<p>\u2014 Arthur Hayes (@CryptoHayes) <a href=\"https:\/\/twitter.com\/CryptoHayes\/status\/1994915256150495652?ref_src=twsrc%5Etfw\">November 29, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Tether is making a big bet on the Federal Reserve&#8217;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,&#8221; he wrote.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>However, the expert warned that a 30% drop in these assets could theoretically lead to the issuer&#8217;s insolvency.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Get ready for the show. Major newspapers and TV channels will now throw a fit over this. Especially those whose editors fiercely hate Trump\u2014they will eagerly pounce on his ally Howard Lutnick and Cantor Fitzgerald for backing the stablecoin,&#8221; Hayes added.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>Akash Network founder Greg Osuri <a href=\"https:\/\/x.com\/gregosuri\/status\/1994922860612338091\">agreed<\/a> with this view, calling Tether a &#8220;ticking bomb.&#8221;\u00a0<\/p>\n<p>However, many disputed the critics&#8217; 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.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I spent 100\u2019s of hours writing research on tether for <a href=\"https:\/\/twitter.com\/Citi?ref_src=twsrc%5Etfw\">@Citi<\/a>. <a href=\"https:\/\/twitter.com\/CryptoHayes?ref_src=twsrc%5Etfw\">@CryptoHayes<\/a> missed a few key points. <\/p>\n<p>1) \ud835\udc13\ud835\udc21\ud835\udc1e\ud835\udc22\ud835\udc2b \ud835\udc1d\ud835\udc22\ud835\udc2c\ud835\udc1c\ud835\udc25\ud835\udc28\ud835\udc2c\ud835\udc1e\ud835\udc1d \ud835\udc1a\ud835\udc2c\ud835\udc2c\ud835\udc1e\ud835\udc2d\ud835\udc2c =\/ \ud835\udc1a\ud835\udc25\ud835\udc25 \ud835\udc1c\ud835\udc28\ud835\udc2b\ud835\udc29\ud835\udc28\ud835\udc2b\ud835\udc1a\ud835\udc2d\ud835\udc1e \ud835\udc1a\ud835\udc2c\ud835\udc2c\ud835\udc1e\ud835\udc2d\ud835\udc2c <\/p>\n<p>When tether generates $ they have a separate equity balance sheet which they don\u2019t\u2026 <a href=\"https:\/\/t.co\/pHSRr245Up\">https:\/\/t.co\/pHSRr245Up<\/a><\/p>\n<p>\u2014 Joseph (@JosephA140) <a href=\"https:\/\/twitter.com\/JosephA140\/status\/1994943733054542124?ref_src=twsrc%5Etfw\">November 30, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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.<\/p>\n<p>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 &#8220;liquid profit.&#8221;\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The company&#8217;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\u2014this 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,&#8221; Ayoub noted.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>In his view, Tether will not become insolvent. The company effectively &#8220;owns a money-printing machine,&#8221; the analyst concluded.\u00a0<\/p>\n<p>As reported in September, the issuer&#8217;s reserves <a href=\"https:\/\/forklog.com\/en\/news\/tethers-gold-reserves-match-those-of-south-korea-greece-and-hungary\">reached<\/a> 116 tons of gold. This volume is comparable to the reserves of South Korea, Hungary, or Greece.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether&#8217;s CEO Paolo Ardoino criticized S&#038;P Global and accused USDT critics of spreading FUD.<\/p>\n","protected":false},"author":1,"featured_media":91603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Tether's CEO criticized S&P Global and accused USDT critics of spreading FUD.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1193,807,1245],"class_list":["post-91602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-arthur-hayes","tag-stablecoins","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"225","promo_type":"1","layout_type":"1","short_excerpt":"Tether's CEO criticized S&P Global and accused USDT critics of spreading FUD.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=91602"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91602\/revisions"}],"predecessor-version":[{"id":91604,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91602\/revisions\/91604"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/91603"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=91602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=91602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=91602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}