Since November, the U price has been continuously declining. Should we "sell" or "buy and hold" at this time? After reading the following analysis 1、 Core pressure: rating downgrade and asset concerns 1. Credit rating downgraded At the end of November 2025, international rating agency S&P Global downgraded the rating of Tether (USDT) to the lowest level in its stablecoin evaluation framework. The main reason for the downward adjustment is the increase in the proportion of high-risk parts of USDT reserve assets (such as Bitcoin, gold, corporate bonds, etc.), as well as the continued lack of transparency in information disclosure. This has raised concerns in the market about its ability to maintain full redemption in extreme situations. 2. Risk of fluctuation in reserve asset value Tether's reserve assets consist of approximately 5.5% Bitcoin and 5.4% precious metals. When the overall cryptocurrency market declines (such as Bitcoin falling below $85000 in early December), these assets face impairment risk, theoretically weakening USDT's asset coverage ability. 2、 External environment: regulatory tightening and macro changes 1. Comprehensive tightening of regulatory policies in China At the end of November 2025, the People's Bank of China, in conjunction with multiple ministries, will clearly classify stablecoins as a form of virtual currency and include their related business activities in the scope of illegal financial activities regulation. This has severely impacted the grey channels for cross-border capital flows through USDT, and may increase market selling pressure in the short term. 2. Global macroeconomic and policy shifts Expectation of US dollar policy: The market's expectation of a shift towards loose US monetary policy (such as interest rate cuts) is heating up, which may lead to a weakening of the US dollar index. This will directly affect the indirect exchange price of USDT anchored to the US dollar in some non US dollar regions (for example, the cost of purchasing USDT in RMB may decrease). Global liquidity tightening: Factors such as the expectation of interest rate hikes by the Bank of Japan have affected the liquidity of low-cost funds worldwide, exacerbating the volatility of global risk assets, including cryptocurrencies. The contraction of market liquidity during the holiday season has also amplified price fluctuations. 3、 Market response and current situation Despite the aforementioned pressures, as of mid December, the market price of USDT remains firmly anchored to the US dollar, with trading prices consistently stable between 0.998-1.002 US dollars and no substantial detachment. Its trading volume has not shown a significant decline either. This is mainly due to USDT's almost "infrastructure" position in the cryptocurrency ecosystem (with a market value of over $185 billion, accounting for nearly 60% of the stablecoin market). The huge market size and depth have formed a strong market share, and short-term negative news is difficult to shake its price foundation.