The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The rating agency's Tether downgrade flags redemption risk, potentially nudging institutions to higher-rated stablecoins and tokenized deposits.
With a total supply of 100 billion, the token is designed to support the network's governance and security.
Bitocin treasury companies continue to accumulate a significant amount of BTC despite current market conditions and now control around 5% of the total BTC supply. These companies are led by Michael Saylor’s Strategy and Metaplanet, which have recently raised fresh capital to buy the dip. Bitcoin Treasury Companies Now Hold Over 1 Million In BTC Bitcoin Treasuries data shows that the top 100 public Bitcoin treasury companies currently hold 1,058,929 BTC, while all public companies combined hold 1,061,697. Notably, Strategy is the largest public Bitcoin holder with 650,000 BTC. Michael Saylor’s company yesterday announced another 130 BTC purchase for $11.7 million. Related Reading: Strategy’s Crash Rumors Intensify, CEO Reveals When $46 Billion In Bitcoin Will Be Sold Meanwhile, the second-largest Bitcoin treasury company is BTC miner MARA holdings, which holds 53,250 BTC. Tether-backed Twenty One Capital, Metaplanet, and Bitcoin Standard Treasury Company complete the top 5, with 43,514, 30,823, and 30,021 BTC, respectively. Meanwhile, companies like Coinbase, Bullish, and Trump Media are among the top 10 largest BTC treasury companies. It is worth noting that these public companies account for only a part of the Bitcoin treasuries. Further data from Bitcoin Treasuries shows that there is currently 4 million BTC in treasuries as a whole, including the coins held by governments, private companies, exchanges, DeFi platforms, and ETFs. BlackRock is currently the second-largest Bitcoin holder, only behind Satoshi Nakamoto. Strategy is third on the list, while Binance and the U.S. government complete the top 5, with BTC holdings of 628,868 and 323,588, respectively. The 4 million BTC held by these treasury companies as a group accounts for 19% of the total Bitcoin supply. Bitcoin treasury companies such as Strategy and Metaplanet have raised new capital amid the recent crash to buy more BTC. Saylor’s company recently raised $836 million from its STRE offering, which it used to buy 8,178 BTC. Meanwhile, Metaplanet raised $130 million to expand its BTC treasury. More Companies Set To Adopt Bitcoin More Bitcoin treasury companies are set to emerge as $10 trillion asset manager, Vanguard, will start offering BTC ETFs from today. Notably, some companies gain BTC exposure through these ETFs rather than buying Bitcoin directly. On-chain analytics platform Arkham Intelligence revealed that the largest U.S. bank, JPMorgan, holds $300 million worth of BlackRock’s BTC ETF. Related Reading: Analyst Who Predicted Bitcoin Price Action With Chinese Astrology Shares When Prices Will Surge Meanwhile, it is worth mentioning that Bitcoin treasuries such as Strategy are coming under immense pressure amid the current market downtrend. Strategy’s CEO, Phong Le, admitted that they might have to sell Bitcoin as a last resort to fund dividend payments if their mNAV drops below 1x and they can no longer raise capital. At the time of writing, the Bitcoin price is trading at around $87,000, up in the last 24 hours, according to data from CoinMarketCap. Featured image from Pngtree, chart from Tradingview.com
In a strategic move, Tether has shifted its reserve strategy, reducing its exposure to treasuries while increasing allocations to Bitcoin and gold. The USDT issuer has shown a notable reduction in government debt exposure, paired with an expanded position in hard assets known for durability and independence from traditional financial systems. Treasury Exposure Drops Amid Changing Macro And Regulatory Landscape Stablecoin giant, Tether, has reduced its US Treasury holdings and increased its Gold and Bitcoin reserves. CryptosRus reported on X that Tether is quietly repositioning itself for what the company expects to be the Federal Reserve’s (FED) next round of rate cuts. Related Reading: Rumble At The Core: How Tether Plans To Dominate The US Stablecoin Market According to BitMex founder Arthur Hayes, Tether’s latest reserve update shows a clear shift away from the US treasuries and deeper into BTC and gold, a sign that the company is positioning for a changing macro environment. Furthermore, the Standard & Poor (S&P) Global noted that Tether is now leaning more heavily into assets with larger price swings in value, warning that this mix could expose USDT if markets turn volatile. Meanwhile, the current S&P Global rating on Tether remains weak. Thus, Tether CEO Paolo Ardoino has pushed back, saying that the company holds no toxic assets. He claims that its rapid growth reflects a broader shift towards new financial systems that operate outside the traditional banking world. Why Attempts To Break Tether Are Difficult In Practice Crypto analyst Ted Pillows has also offered insight into the Tether Fear Uncertainty and Doubt (FUD) as it is making its usual rounds again. The narrative is latching onto the company’s latest attestation, showing a notable shift into Gold and Bitcoin to offset declining interest income. Meanwhile, if these risk assets drop by 30%, Tether’s equity buffer could evaporate, creating an environment where Tether will be insolvent, and panic will kick in. Related Reading: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans However, Ted is steadfast and believes that Tether has been through a decade of this same FUD, and USDT is still sitting at $1.00. They’re fully liquid, but they operate on a fractional-reserve model, much like traditional banks. As long as redemptions remain normal, everything will work smoothly. A problem will only arise if there’s an irrational panic, and then liquidity stress could hit quickly. According to Ted, the USDT isn’t fully backed by cash, but it’s backed by a diverse portfolio that includes the US treasuries, yield-generating assets, and some risk assets. This is all scaled to a massive $174 billion stablecoin. “If someone wants to kill USDT, it’s possible, but I highly doubt it,” Ted noted. Featured image from Pixabay, chart from Tradingview.com
The crypto market has spent years arguing about Tether’s reserves – sometimes with more hyperbole than substance – but the latest debate is sharper and more revealing than usual.
S&P Global last Wednesday slashed its rating on Tether's USDT stablecoin to its weakest score.
The company had planned to invest up to $500 million in Uruguay, but cited high energy prices and regulatory hurdles as reasons for its pullout.
Tether, the issuer of the USDT stablecoin, has spent the past year accumulating Bitcoin and gold at a pace that puts it on par with several sovereign treasuries. For context, the firm purchased more gold than every central bank combined over the last quarter alone, pushing its total holdings to 116 tons of physical bullion. […]
The post ‘We wear your loathing with pride:’ Why S&P downgraded Tether after it bought more gold than any country appeared first on CryptoSlate.
The ratings agency cited bitcoin's rising share in the stablecoin reserves, making USDT vulnerable to falling prices.
S&P flagged gaps in Tether’s disclosures and reserve governance, saying key details on custodians and asset composition remain unclear.
USDT0 launched in January using LayerZero's Omnichain Fungible Token standard, enabling it to extend to 15 blockchains.
The advance occurred alongside a rally in data center and high-performance computing stocks.
Jefferies said that stablecoin giant Tether has quietly become one of the gold market’s most influential new buyers.
The investment is part of Tether’s broader push to expand stablecoin settlement and tokenization tools among institutions across Latin America, the firm said.
The stablecoin issuer's investment comes as BTC-backed lending scales rapidly, with Ledn surpassing $1 billion in originations this year and positioning for global expansion.
Ledn has originated more than $1 billion in loans in 2025, pushing annual recurring revenue above $100 million.
Neura aims to produce 5 million robots by 2030 and has already booked €1 billion in orders.
Tether becomes more dominance as BTC loses ground.
RedStone's latest report predicts that yield-bearing stablecoins, staking products, and tokenized assets will grow under the GENIUS Act.
Following the completion of the deal, Tether is expected to become the largest shareholder of VCI Global through its Oobit stake.
Rumble unveiled three major deals with Tether and Northern Data, expanding its AI infrastructure, ad business and cloud capacity.
The transfer raises Tether's total bitcoin treasury to at least 87,296 BTC, currently worth around $8.9 billion, per Arkham labeling.
Her comments come as institutions recalibrate BTC forecasts, with Galaxy turning cautious and JPMorgan projecting renewed upside.
KraneShares, best-known for its China-focused ETF, plans to shift fully to tokenized offerings in the coming years, CEO said.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Analysts say traders are actively seeking yield-generating opportunities during a broader profit-taking in the market.
Increased competition within the stablecoin sector is pushing some players to explore alternative approaches to value sharing.
The stablecoin issuer saw strong growth in the third quarter, reporting a $17 billion increase in circulating USDT and $135 billion exposure to U.S. Treasuries.
The crypto industry’s most aggressive anti-crime task force just crossed another milestone.