Why S&P Downgraded Tether After Massive Gold & Bitcoin Purchases

S&P Global has downgraded Tether’s USDT stability rating to its lowest level, even as the company accumulates more gold than any country and expands its Bitcoin holdings to sovereign-scale levels. The rating agency argues that Tether’s rising exposure to BTC, gold, and secured loans introduces liquidity and transparency risks—while the crypto market sees these same moves as signs of growing strength and financial resilience.