Tether fires back at S&P after USDT downgraded to weakest score

Tether, the issuer of the USDT stablecoin, has been downgraded by S&P Global to the lowest rating of '5 (weak)' due to concerns over its asset disclosures and increasing exposure to high-risk investments, including Bitcoin and corporate bonds. This downgrade reflects ongoing scrutiny of Tether's financial practices and reserve management.

Tether has publicly disputed the methodology used by S&P Global Ratings following a downgrade of its stablecoin USDT, which has been attributed to the increasing risks associated with its exposure to falling Bitcoin prices. This downgrade has raised concerns regarding the stability of USDT's dollar peg and overall market confidence in the stablecoin.

S&P Global Ratings has downgraded Tether's USDt to its lowest stability rating, raising significant concerns about the stability of its dollar peg. Tether has responded by labeling the report as misleading, indicating a potential disconnect between the rating agency's assessment and the company's internal evaluations.

Conor McGregor has publicly accused Khabib Nurmagomedov of deceiving fans through a $4.4 million NFT sale, igniting a controversy that underscores the ethical dilemmas associated with digital asset transactions in the sports industry. This accusation reflects ongoing tensions between prominent sports figures over the legitimacy of their ventures in the cryptocurrency space.

S&P Global has downgraded Tether's stability rating for its USDT stablecoin to the lowest level, citing concerns over reserve exposure and governance issues. This downgrade reflects growing apprehensions regarding Tether's financial practices and asset management, particularly in light of its increasing vulnerability to market fluctuations, especially in Bitcoin prices.

Upexi has successfully raised $23 million to expand its treasury holdings in Solana (SOL), aiming to acquire additional SOL tokens and enhance its digital asset portfolio. This strategic move reflects Upexi's commitment to strengthening its position in the cryptocurrency market.

Tether has garnered significant attention from Wall Street as it expands its gold strategy, amassing a gold reserve of 116 tons, which positions it alongside small central banks in terms of gold holdings. This move highlights Tether's growing influence in the financial sector and its strategic pivot towards traditional assets like gold.

Tom Lee, co-founder of Fundstrat, has identified $2,500 as a critical exhaustion point for Ethereum sellers, suggesting that a dip to this level could present a significant buying opportunity. This prediction comes amid a broader market correction that has affected various cryptocurrencies, including Ethereum, which has seen fluctuations in its price recently.