Tether CEO Counters Hayes’ Warning With Q3 Data Showing a Major Equity Cushion

Ardoino cites Q3 data showing $215B in assets and nearly $30B in equity to counter USDT stress claims.

S&P downgraded USDT due to higher exposure to Bitcoin, gold, loans, and corporate bonds.

Analyst Joseph Ayoub says Tether earns strong income and holds more assets than critics assume.

Tether CEO Paolo Ardoino pushed back against new claims that USDT could face pressure if Bitcoin or gold fell sharply. He said recent commentary from Arthur Hayes and others failed to consider the nearly $30 billion in Tether Group equity. He cited Q3 2025 attestation data showing about $215 billion in assets and $184.5 billion in stablecoin liabilities.

Tether CEO Responds to Claims of USDT Stress

Paolo Ardoino responded to claims from Arthur Hayes and other traders that USDT could face trouble if Bitcoin or gold fell by 40%. He said those assessments did not include full Tether Group numbers. He noted that Q3 2025 data showed more than $215 billion in total assets and $184.5 billion in stablecoin liabilities.

Ardoino added that the Group held about $7 billion in excess reserves and $23 billion in retained earnings. He said this formed nearly $30 billion in equity that acts as a buffer during market drops

He also said S&P did not include these figures when it lowered USDT to a “vulnerable” level five rating. He argued that critics often overlook the equity cushion and broader financial structure. He added that the company remains profitable and continues to earn strong interest income.

S&P Rating Change and Reactions from Market Analysts

S&P said its rating move came from growing exposure to assets that can move in price. The agency noted that USDT reserves include about 5.6% Bitcoin, which is above its 3.9% margin. It also said gold, loans, and corporate bonds formed 24% of reserves, up from 17% in 2024.

S&P warned that sharp declines in these assets could strain reserves. It said this mix increases the chance of undercollateralization during fast downturns. Ardoino rejected this view and said the Group’s equity figure was not considered.

Former Citi analyst Joseph Ayoub said he spent many hours studying Tether. He said the firm earns strong income and holds more assets than many believe. He added that the company operates with a small team and continues to show strong reserve strength.

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