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S&P cuts Tether stablecoin rating to 'weak' on disclosure gaps
S&P Global downgraded its rating of Tether, the world's largest stablecoin on Wednesday, citing an increase in higher-risk assets in its reserves and "persistent gaps in disclosure". Tether said it "strongly disagrees with the characterization presented in the report" by S&P which said that it now rated the company's token, known as USDT, as "5 (weak)", which is the lowest possible score, downgrading it from "4 (constrained)". Ratings agency S&P created a scale from 1 to 5 in 2023 to assess the risk of various stablecoins, a type of cryptocurrency pegged to mainstream currencies, usually the U.S. dollar. A ... (full story)
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