Tether CEO says S&P downgrade overlooked company's profits

Tether CEO Paolo Ardoino has pushed back against S&P's decision to downgrade USDT's stability rating to its lowest level of five, arguing the move failed to adequately consider the company's assets and profits. Citing Tether's audited third-quarter 2025 report, Ardoino noted that the company's total assets stood at $215 billion at the end of the quarter. He added that in addition to $184.5 billion in stablecoin reserves, Tether also held $7 billion in excess equity and $23 billion in retained earnings. Ardoino stated that S&P made a mistake by not taking all of these factors into account. S&P previously downgraded USDT to a "weak" rating, explaining that the stablecoin no longer had a sufficient buffer to absorb a decline in Bitcoin's value.