Reuters and the Financial Times have reported that Tether now holds 116 tonnes of gold, valued at approximately $14 billion. This accumulation places the stablecoin issuer among the largest independent gold holders globally, rivaling the official reserves of nations such as South Korea and Greece. Concurrently, S&P Global Ratings has downgraded its stability assessment for Tether (USDT) to 'weak' (4 on a 1-to-5 scale). The agency cited concerns regarding the transparency and volatility of Tether's underlying assets, specifically highlighting risks associated with its Bitcoin backing. Despite Tether's market dominance, S&P questions the robustness of its reserves to absorb significant asset price drops. The situation highlights a growing friction between crypto reserve strategies and traditional financial risk assessments. Tether CEO Paolo Ardoino has publicly dismissed the rating, stating "We wear your loathing with pride" and criticizing traditional models that fail to account for modern diversification strategies. [Update 1] Reports further clarify the contrast driving market discussion: while S&P flags risks in asset composition (specifically Bitcoin volatility), Tether continues to consolidate its position as a major gold holder, signaling a reserve strategy that diverges sharply from traditional fiat-backed expectations.