{"id":18796,"date":"2025-12-01T19:02:41","date_gmt":"2025-12-01T19:02:41","guid":{"rendered":"https:\/\/www.coinspeaker.com\/fr\/?p=18796"},"modified":"2025-12-01T19:06:15","modified_gmt":"2025-12-01T19:06:15","slug":"tether-attaque-sp-downgrade-usdt","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/fr\/tether-attaque-sp-downgrade-usdt\/","title":{"rendered":"Tether accuse S&amp;P de FUD : \u201cnos r\u00e9serves d\u00e9passent 215 Mds$\u201d"},"content":{"rendered":"<h2>Un clash public autour de la solidit\u00e9 de USDt<\/h2>\n<p>Tether se retrouve une nouvelle fois au centre du d\u00e9bat. Mais, cette fois, l&rsquo;attaque ne vient pas d&rsquo;un rapport anonyme sur X, mais de S&amp;P Global.<\/p>\n<p>L&rsquo;agence de notation a r\u00e9trograd\u00e9 la capacit\u00e9 de USDt \u00e0 maintenir son peg au dollar au niveau <strong>\u00ab faible \u00bb<\/strong>, son score le plus bas sur cette \u00e9chelle sp\u00e9cifique. De quoi relancer instantan\u00e9ment le FUD autour du plus gros stablecoin du march\u00e9.<\/p>\n<p>La r\u00e9action de Paolo Ardoino ne s&rsquo;est pas fait attendre. Le CEO de <a href=\"https:\/\/www.coinspeaker.com\/fr\/tether-127-m-bons-du-tresor-americain\/\">Tether<\/a> accuse S&amp;P de sous-estimer massivement la situation financi\u00e8re du groupe, voire d&rsquo;ignorer des pans entiers du bilan.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">re: Tether FUD<\/p>\n<p>From latest attestation announcement (Q3 2025): <\/p>\n<p>&quot;Tether will continue to maintain a multi-billion-dollar excess reserve buffer and an overall proprietary Group equity approaching $30 billion.&quot; <\/p>\n<p>Tether had (at end of Q3 2025) ~7B in excess equity (on top of the\u2026<\/p>\n<p>&mdash; Paolo Ardoino \ud83e\udd16 (@paoloardoino) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/paoloardoino\/status\/1995154943808839704?ref_src=twsrc%5Etfw\">November 30, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Selon lui, la lecture faite par l&rsquo;agence est incompl\u00e8te, donc trompeuse pour le march\u00e9.<\/p>\n<h2>Ardoino brandit les 215 Mds$ d&rsquo;actifs du groupe<\/h2>\n<p>Au c\u0153ur de la riposte, il y a les chiffres. Ardoino rappelle que, fin T3 2025, le Tether Group affichait environ 215 milliards de dollars d&rsquo;actifs, pour 184,5 milliards de dollars de passifs li\u00e9s aux stablecoins.<\/p>\n<p>D&rsquo;abord, environ 7 milliards de dollars d&rsquo;equity exc\u00e9dentaire par rapport aux r\u00e9serves strictement allou\u00e9es aux stablecoins. Ensuite, pr\u00e8s de 23 milliards de dollars de b\u00e9n\u00e9fices non distribu\u00e9s inscrits dans les fonds propres du groupe.<\/p>\n<p>\u00c0 cela s&rsquo;ajouterait, toujours selon lui, un flux r\u00e9current d&rsquo;environ 500 millions de dollars de profits mensuels provenant des <a href=\"https:\/\/www.coinspeaker.com\/fr\/tether-achat-bitcoin-1-milliard-reserves\/\">Treasuries am\u00e9ricains<\/a>, m\u00eame dans un environnement de taux en baisse.<\/p>\n<p>C&rsquo;est pr\u00e9cis\u00e9ment ce que Tether reproche \u00e0 S&amp;P : ne pas int\u00e9grer cette couche suppl\u00e9mentaire d&rsquo;equity et de profits dans son \u00e9valuation de la robustesse du peg.<\/p>\n<p>R\u00e9sultat, la note \u00ab weak \u00bb alimente un climat d&rsquo;inqui\u00e9tude que la soci\u00e9t\u00e9 juge <strong>infond\u00e9 au regard de ses comptes<\/strong>.<\/p>\n<h2>Bitcoin, or et risque de choc : le sc\u00e9nario noir d&rsquo;Arthur Hayes<\/h2>\n<p>Dans le camp d&rsquo;en face, certains observateurs ne remettent pas en cause l&rsquo;existence des b\u00e9n\u00e9fices, mais la fa\u00e7on dont Tether les g\u00e8re. <a href=\"https:\/\/www.coinspeaker.com\/fr\/arthur-hayes-vise-100k-pour-btc\/\">Arthur Hayes<\/a>, ancien patron de BitMEX, avance une lecture plus agressive du bilan.<\/p>\n<p>Il estime que Tether s&rsquo;expose davantage au risque de march\u00e9 en accumulant Bitcoin et or pour compenser la baisse de rendement sur les Treasuries. L&rsquo;id\u00e9e est simple : si les taux am\u00e9ricains baissent, les revenus d&rsquo;int\u00e9r\u00eats se contractent.<\/p>\n<p>Pour maintenir la rentabilit\u00e9, Tether chercherait alors \u00e0 capter de la performance via des actifs plus volatils. Rien d&rsquo;ill\u00e9gal l\u00e0-dedans, mais Hayes souligne le revers potentiel.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The Tether folks are in the early innings of running a massive interest rate trade. How I read this audit is they think the Fed will cut rates which crushes their interest income. In response, they are buying gold and <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> that should in theory moon as the price of money falls.\u2026 <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/ZGhQRP4SVF\">pic.twitter.com\/ZGhQRP4SVF<\/a><\/p>\n<p>&mdash; Arthur Hayes (@CryptoHayes) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/CryptoHayes\/status\/1994915256150495652?ref_src=twsrc%5Etfw\">November 29, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Selon ses calculs, une chute d&rsquo;environ 30 % de la valeur combin\u00e9e des positions en BTC et en or suffirait \u00e0 effacer l&rsquo;equity, rendant USDt <strong>\u00ab th\u00e9oriquement \u00bb insolvable<\/strong> sur le papier. C&rsquo;est un sc\u00e9nario extr\u00eame, mais c&rsquo;est lui qui nourrit la m\u00e9fiance d&rsquo;une partie du march\u00e9 d\u00e8s que la volatilit\u00e9 remonte.<\/p>\n<p>Dans un environnement o\u00f9 USDt est devenu une pi\u00e8ce ma\u00eetresse de l&rsquo;infrastructure crypto, le moindre doute sur la qualit\u00e9 des r\u00e9serves a un effet d\u00e9multipli\u00e9.<\/p>\n<h2>Un ex-analyste de Citi d\u00e9monte le FUD chiffr\u00e9<\/h2>\n<p>\u00c0 cette vision tr\u00e8s prudente r\u00e9pond une autre, tout aussi argument\u00e9e. Joseph Ayoub, ancien responsable de la recherche actifs num\u00e9riques chez Citi, explique avoir pass\u00e9 \u00ab des centaines d&rsquo;heures \u00bb sur le dossier Tether lorsqu&rsquo;il \u00e9tait en poste.<\/p>\n<p>Sa conclusion va \u00e0 l&rsquo;oppos\u00e9 de celle de Hayes. Ayoub affirme que Tether dispose d&rsquo;actifs en exc\u00e8s au-del\u00e0 de ce qui est mis en avant dans les rapports publics, et qu&rsquo;il s&rsquo;agit de l&rsquo;un des business les plus rentables du secteur : des milliards de revenus d&rsquo;int\u00e9r\u00eats annuels, pour une structure op\u00e9rationnelle d&rsquo;environ <strong>150 employ\u00e9s<\/strong>.<\/p>\n<h2>Un d\u00e9bat qui d\u00e9passe Tether et touche toute la DeFi<\/h2>\n<p>Au-del\u00e0 de la passe d&rsquo;armes, l&rsquo;enjeu est syst\u00e9mique. USDt est omnipr\u00e9sent sur les plateformes d&rsquo;\u00e9change, dans les pools DeFi, sur plusieurs blockchains.<\/p>\n<p>Une remise en cause durable de sa solidit\u00e9, m\u00eame uniquement au niveau de la perception, modifie les comportements : rotations vers d&rsquo;autres <a href=\"https:\/\/www.coinspeaker.com\/fr\/stablecoins-banques\/\">stablecoins<\/a>, hausse du co\u00fbt du capital dans certains protocoles, r\u00e9\u00e9valuation du risque contrepartie dans les desks de trading.<\/p>\n<p>Pour l&rsquo;instant, Tether r\u00e9pond frontalement, chiffres \u00e0 l&rsquo;appui, et le peg tient. S&amp;P, de son c\u00f4t\u00e9, rappelle aux investisseurs que m\u00eame les piliers de l&rsquo;\u00e9cosyst\u00e8me ne sont pas au-dessus du risque.<\/p>\n<p>Entre les deux, le march\u00e9 arbitre, une ligne de carnet d&rsquo;ordres \u00e0 la fois.<\/p>\n<hr \/>\n<p><strong>\u00c0 lire aussi :<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/tether-500-millions-utilisateurs\/\">USDT touche 6% de la population mondiale, annonce Tether<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/bce-stablecoins-systeme\/\">2026 : La BCE alerte : les stablecoins menacent le syst\u00e8me financier europ\u00e9en<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/usat-pari-americain-tether-genius-act\/\">USAT : le pari am\u00e9ricain de Tether face au GENIUS Act<\/a><\/li>\n<\/ul>\n<a class=\"infinscroll_next_page_link\" style=\"display:none\" href=\"https:\/\/www.coinspeaker.com\/fr\/envolee-spectaculaire-bitcoin-hyper\/\" rel=\"prev\">next<\/a>","protected":false},"excerpt":{"rendered":"<p>Tether se retrouve une nouvelle fois au centre du d\u00e9bat. Mais, cette fois, l&rsquo;attaque ne vient pas d&rsquo;un rapport anonyme sur X, mais de S&amp;P Global.<\/p>\n","protected":false},"author":200,"featured_media":18803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-18796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tether accuse S&amp;P de FUD : \u201cnos r\u00e9serves d\u00e9passent 215 Mds$\u201d<\/title>\n<meta name=\"description\" content=\"Tether conteste la d\u00e9cision de S&amp;P, affirmant que l\u2019agence a ignor\u00e9 des dizaines de milliards d\u2019actifs et la solidit\u00e9 du peg USDt.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Roux","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.coinspeaker.com\/fr\/#\/schema\/person\/image\/","url":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-pp-1-96x96.png","contentUrl":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-pp-1-96x96.png","caption":"Emmanuel Roux"},"description":"Issu de la finance traditionnelle, j\u2019ai naturellement bascul\u00e9 vers l\u2019univers crypto, attir\u00e9 par son potentiel. Je souhaite y apporter mon approche analytique et rationnelle, tout en conservant ma curiosit\u00e9. En dehors de l\u2019\u00e9cran, je lis beaucoup (\u00e9conomie, essais, un peu de science-fiction) et je prends plaisir \u00e0 bricoler. Le DIY, pour moi, c\u2019est comme la crypto : comprendre, tester, construire soi-m\u00eame.","url":"https:\/\/www.coinspeaker.com\/fr\/author\/emmanuel\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/18796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/comments?post=18796"}],"version-history":[{"count":4,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/18796\/revisions"}],"predecessor-version":[{"id":18806,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/18796\/revisions\/18806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media\/18803"}],"wp:attachment":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media?parent=18796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/categories?post=18796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/tags?post=18796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}