The S&P downgrades the ability of Tether's USDT to maintain its US dollar peg to “weak”, the lowest rating, citing exposure to high-risk assets such as bitcoin
their only recourse is to attack us because they're losing. Paolo Ardoino / @paoloardoino : System is broken. They're upset we make it evident Matt Cole / @colemacro : If you accept the S&P rating of Tether as “weak” then you must also assign a stability rating to traditional banks of “non-existent”. TradFi is mispricing the balance sheet strength of both Bitcoin and stablecoin companies. My advice to TradFi: look in the mirror first.
Bloomberg Emily Nicolle
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Discussion
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@paoloardoino
Paolo Ardoino
on x
to S&P regarding your Tether rating: We wear your loathing with pride. The classical rating models built for legacy financial institutions, historically led private and institutional investors to invest their wealth into companies that despite being attributed investment grade
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@defiignas
Ignas
on x
Why would you hold USDT instead of USDC? For trading some markets? Sure. Maybe occasional higher yield on lending? But there's no point being a stablecoin maxi: neither USDT nor USDC pass down the yield to holders. No equity exposure to Tether either. You get 100% of the [image]
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@tftc21
@tftc21
on x
S&P has a history of downgrading #Bitcoin builders, punishing them for embracing the hardest money while ignoring their own epic fails. Just downgraded Tether's USDT stablecoin to a “weak” rating, blaming Bitcoin exposure in reserves for potential volatility risks. Slammed [image…
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@marcinredstone
Marcin
on x
S&P has just downgraded Tether's USDT rating from 4 to 5. It's the lowest rating possible. The main reason are persistent gaps in disclosure and high risk assets being held in its reserves. If Tether scores lowest grade and Sky B-, what would be a rating for DeFi as a whole? [ima…
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@occamicrypto
@occamicrypto
on x
Tether, “The Stable Company” just saw S&P cut its assessment rating from 4 to 5 - the lowest rating possible - citing persistent gaps in disclosure and high risk assets being held in its reserves. Only in crypto would the bedrock stablecoin of crypto trading be viewed as so [imag…
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@cliffordasness
Clifford Asness
on x
The article is bad enough for Tether. But the Tether guy's response at the end is pure Saylor-esque messianic utopian paranoid propaganda without actual semantic content. And nobody mentions that all those “other” assets don't really work under the “GENIUS” act do they? [image]
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@chrispavlovski
@chrispavlovski
on x
The S&P only attacks Tether, because Tether is challenging and beating the old financial guard at their own game. These old corporate entities cannot handle companies like Tether & Rumble taking their market share — their only recourse is to attack us because they're losing.
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@paoloardoino
Paolo Ardoino
on x
System is broken. They're upset we make it evident
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@colemacro
Matt Cole
on x
If you accept the S&P rating of Tether as “weak” then you must also assign a stability rating to traditional banks of “non-existent”. TradFi is mispricing the balance sheet strength of both Bitcoin and stablecoin companies. My advice to TradFi: look in the mirror first.