PANews reported on November 26th that, according to The Block, credit rating agency S&P Global downgraded Tether's USDT stability rating to "5" (the weakest level), citing its increased proportion of risky assets, insufficient disclosure, and the inability of current reserves to absorb the impact of a sharp drop in Bitcoin prices. USDT is currently backed by approximately 5.6% of its issuance in Bitcoin, exceeding its 3.9% reserve buffer. S&P pointed out that USDT may face the risk of insufficient collateral if high-risk assets fall simultaneously.

As of September 30, Tether's risky assets (including Bitcoin, gold , secured loans, corporate bonds, and other investments with limited disclosure) accounted for 24% of its reserves, up from 17% a year earlier.