S&P has downgraded the rating of USDT to level 5 (weak) due to an increase in the proportion of high-risk reserves (BTC/gold, etc.), insufficient disclosure, and a BTC reserve of 5.6% exceeding the 3.9% over-collateralization ratio, increasing the decoupling risk. S&P gives more recognition to transparent centralized stablecoins like USDC/GUSD/USDP (level 2), while USDe/FRAX/TUSD also receive level 5, and DAI/USDS are rated level 4. Tether CEO strongly rebuffs the rating result, stating that USDT's status is unlikely to change in the short term, but plans to launch USAT in the U.S. region, requiring improvements in reserves and disclosure to meet regulatory and rating requirements.