Citing Biji.com, S&P Global Ratings has downgraded Tether's USDT to its lowest rating, citing concerns over the stablecoin's ability to maintain a 1:1 peg with the US dollar. The agency highlighted the high proportion of 'high-risk' assets in Tether's reserves, including Bitcoin, gold, and corporate debt instruments. Tether disputed the assessment, calling it misleading and emphasizing that most of its reserves are in low-risk U.S. Treasury bonds. Glassnode's data also revealed a strong negative correlation between Bitcoin prices and USDT exchange flows, with large outflows historically coinciding with Bitcoin price peaks and profit-taking phases.
S&P Downgrades Tether's USDT to Lowest Rating Amid Reserve Concerns
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