标普将Tether资产质量评估下调至最低等级

Core Viewpoint - S&P has downgraded Tether's asset quality assessment to the lowest rating of "weak," highlighting an increase in high-risk assets backing its stablecoin from 17% a year ago to 24% as of September [1] Group 1: Asset Quality and Risk - The proportion of high-risk assets, including corporate bonds, precious metals, Bitcoin, and secured loans, has significantly increased in Tether's reserves [1] - S&P warns that a decline in the prices of Bitcoin or other high-risk assets could weaken collateral coverage, leading to insufficient backing for USDT [1] Group 2: Transparency and Regulatory Concerns - S&P points out limited transparency in Tether's reserve management and risk appetite, along with a lack of a robust regulatory framework and asset segregation mechanisms to protect investors from issuer bankruptcy [1] - Tether has not disclosed information regarding its custodians, bank account providers, and counterparties [1] Group 3: Company Response - Tether strongly opposes the report's characterization, asserting that its stablecoin has maintained resilience during banking crises, exchange failures, and extreme market volatility [1] - The company claims to have provided real-time data and quarterly independent audits since 2021, stating that its transparency standards exceed those of many regulated financial institutions [1]