Tether CEO slams S&P ratings agency and influencers spreading USDt FUD

Tether's CEO has dismissed claims of insolvency, highlighting the company's $30 billion equity buffer as a significant asset that critics overlook. This response comes amid ongoing scrutiny regarding Tether's reserves and financial practices, particularly following a recent downgrade by S&P Global Ratings of its stablecoin, USDT, to the lowest score due to concerns over reserve exposure and governance issues.

Arthur Hayes has expressed concerns regarding Tether's current interest rate strategy, suggesting that a miscalculation could jeopardize the solvency of its stablecoin, USDT. He analyzed Tether's latest attestation report and highlighted the risks associated with its significant exposure to volatile assets like Bitcoin.

S&P Global has downgraded Tether's USDT stablecoin to its lowest rating, citing concerns about the stablecoin's vulnerability due to its exposure to falling Bitcoin prices and governance issues. This downgrade reflects a growing apprehension regarding Tether's financial practices and asset management.

Bolivia has made a significant move by integrating stablecoins, particularly USDT, into its banking system, allowing them to be used as legal tender. This decision aims to modernize the financial landscape and enhance economic stability in the country.

Arthur Hayes has raised concerns regarding Tether's investment strategy, particularly its significant exposure to Bitcoin and gold, which he warns could lead to substantial financial instability and undermine market confidence in the USDT stablecoin. This warning comes amid a backdrop of declining Bitcoin prices and recent downgrades from S&P Global Ratings, which cited similar vulnerabilities in Tether's financial practices.

Tether has officially ceased its Bitcoin mining operations in Uruguay, citing high energy tariffs and regulatory challenges as primary reasons for this decision. The company had previously planned to invest up to $500 million in the country but has now pulled out, laying off approximately 30 employees in the process.

Tether has officially ceased its Bitcoin mining operations in Uruguay, citing high energy costs and a $4.8 million debt dispute with the state power company UTE as key factors in this decision. The company reportedly laid off 30 employees as part of this process.

Tether has officially ceased its Bitcoin mining operations in Uruguay, citing high energy costs as the primary reason for this decision. This move follows discussions with the Ministry of Labor and Social Security, indicating the company's challenges in maintaining profitability in the region.