China’s Crypto Traders Panic as S&P Downgrades Tether’s USDT

China Crypto Ban. Photo by BeInCrypto S&P Global Ratings downgraded Tether’s USDT stablecoin stability score from constrained to weak, citing increased exposure to volatile assets like Bitcoin. This move triggered intense debate on Chinese social media, with traders expressing concerns ranging from skepticism to outright panic. The timing is critical for China’s underground crypto market. Over 20 million participants depend on USDT as their primary route to digital asset trading, even after the country’s ...