This morning, I saw several friends discussing Tether, so I checked the original text from S&P. Indeed, Tether has been downgraded from a level four "restricted" to a level five "weak." The main reason is the belief that some collateral in Tether's reserves carries high risk, with Bitcoin positions accounting for 5.6% of USDT's circulation. Yes, part of Tether's reserves is in $BTC. (There are also gold, corporate bonds, etc.)

The BTC position has already exceeded the over-collateralization of 3.9%. As of September 30, 2025, Tether's collateralization rate for USDT is 103.9%. At that time, the price of BTC was $112,700, while the current price of BTC is $91,000, a drop of 19.25%, which has caused the BTC proportion to decrease from 5.6% to 4.5%. Overall, the over-collateralization of USDT has dropped to around 2.8%.

This is the main reason for S&P's downgrade of Tether's rating, as there are concerns that a continued decline in BTC could lead to Tether's USDT being under-collateralized. Additionally, S&P feels that Tether lacks transparency, which is also a contributing factor.

Moreover, S&P does not believe that Tether will go bankrupt or face difficulties, as Tether currently holds over $130 billion in U.S. Treasury bonds, accounting for 75% of all collateral. Therefore, theoretically, Tether's stability is still acceptable.

PS: Considering that Tether is a solid cash cow, as long as it doesn't act recklessly, it won't fail.

PS2: S&P ratings have a total of six levels, and Tether is currently at the fifth level, which is the second to last level.

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