#稳定币争议 This time S&P gave USDT the lowest rating, which honestly made me both laugh and cry. Thinking back to when USDT first came out, everyone thought it was just a paper tiger that could collapse at any time. But after all these years, not only has it survived, it has grown even bigger.

To be honest, I can understand S&P's rating logic. A high proportion of risky assets and lack of transparency—these have always been USDT's old issues. But the thing is, USDT has reached its current position not because of any ratings, but because of its solid market performance.

Back in 2022, LUNA collapsed, FTX went down, and the market was in chaos. And yet? USDT not only withstood massive redemption pressure but also increased its market share. This kind of resilience simply can't be measured by the old methods of rating agencies.

Of course, if USDT wants to promote its new product USAT in the US market, it will probably need to work on compliance. But as far as the entire crypto market is concerned, I think USDT’s top-dog status will be hard to shake in the short term. After all, in this industry, it’s the market that decides, not the rating agencies.