I hold op and core coin when the price is quite high and currently down 60USDT, now waiting for a price recovery. I see the price increase is quite promising, it will probably recover soon.

#ETH走势分析 The S&P cut has stabbed into the "safety myth" of stablecoins.

Just yesterday, the global rating authority S&P Global suddenly took action against Tether—directly downgrading the rating that maintains USDT's peg to the US dollar to rock bottom. This news has caused a stir in the crypto community. It is important to note that USDT has long occupied half of the stablecoin market, and now being publicly questioned by S&P about its "stability" is a significant issue.

Why did S&P suddenly turn against us?

Looking through the reasons given by S&P, the core is three words: not at ease.

First, the composition of reserve assets has changed. Over the past twelve months, Tether has allocated more and more funds into assets like Bitcoin, gold, and corporate bonds, which have significant price fluctuations. For example, the money that was supposed to be used for fixed deposits is now being used for stock trading. You tell me, is that stable?

Secondly, the information disclosure is too obscure. Tether has always been vague about the specifics of its reserve assets, making it difficult for regulatory agencies to establish trust. You say you have 100% reserves, but where exactly are they hidden and in what form, the outside world cannot see through it at all.

More dangerous "dominoes"

S&P also pointed out a fatal logic: what happens if Bitcoin crashes?

There is a considerable proportion of BTC in the reserves of USDT now. If Bitcoin were to be halved, the reserve assets would immediately shrink, and the risk of insufficient collateral would be exposed. Strangely, USDT itself is the trading infrastructure of the crypto market; if it has problems, it would trigger panic selling, which would further drive down the price of Bitcoin—this is a vicious cycle.

What does this remind us of? In the crypto market, those things that seem "as stable as a mountain" might be undergoing structural changes that you cannot see underneath. When authoritative institutions start to publicly issue warnings, it may be time to reassess the positions you hold.