On November 26, 2025, S&P Global Ratings downgraded the stability assessment of Tether (USDT) from 4 (constrained) to 5 (weak), which is the lowest level in S&P's stablecoin assessment system.
As of November 27-28, 2025, the circulation of USDT was approximately $184-185 billion.
Core Reserve Data (Q3 Financial Report + S&P Report Direct Citation)
- Excess Reserves: $7.18 billion (3.89%)
- Bitcoin Exposure: $10.34 billion (5.60%) → S&P explicitly warned: If BTC drops by 30-35%, excess reserves will be zero; a 40% drop means insolvency.
- Physical Gold: $12.9 billion (approximately 116 tons, over 100 tons accumulated in 2025, 26 tons in Q3 alone)
- U.S. Treasury Bonds: $135 billion (the highest and safest portion)
- Other High-Risk Assets: Corporate bonds, secured loans, etc., have significantly increased in proportion.
The group's net profit for the first three quarters of 2025 has exceeded $10 billion, with an annual estimate of $14.5-15 billion (Paolo Ardoino's exact words from an October Bloomberg interview).
Current Market Real-Time Status (Morning of November 28)
- USDT Secondary Market Price: 1.0000 (Average depth from Curve/OKX/Binance)
- On-chain Redemption Pressure: Approximately $1.12 billion net redemptions over the past 7 days, with a steady pace.
- No signs of decoupling or bank runs, with off-exchange premiums essentially at 0.
The core reasons for S&P's downgrade are only two sentences:
The proportion of high-risk assets is too high.
Reserve transparency is still insufficient.
This is all the publicly available, verifiable hard data.
The risk exposure is clearly laid out, with a buffer of only 3.89%; a 30% correction in BTC could directly breach it.
The rest is up to your judgment.
The money is in your hands, and the decision is also in your hands.
(Data source: S&P Global official report on November 26 + Tether Q3 BDO audit report + DefiLlama real-time on-chain data)
Click to read the original data
Join the community for more insider news
Official Telegram community: t.me/aicoincn
AiCoin Chinese Twitter: https://x.com/AiCoinzh
The above information is compiled based on online sources and does not represent the views of the AiCoin platform. It does not constitute any investment advice. Readers are advised to discern and manage their financial risks independently.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
