[S&P Global Downgrades USDT Stability Rating to Lowest Tier, Warns of Bitcoin Exposure Risks] According to The Block, S&P Global has downgraded Tether's USDT stability rating to '5' (weakest level), citing an increased proportion of risk assets, insufficient disclosure, and current reserves being unable to absorb the impact of a sharp decline in Bitcoin prices. Approximately 5.6% of USDT's current issuance is backed by Bitcoin, exceeding its 3.9% reserve buffer ratio. S&P noted that if high-risk assets decline simultaneously, USDT could face under-collateralization risks. As of September 30, Tether's proportion of risk assets had risen to 24%.