S&P Global Ratings downgraded USDT's stability score to 'weak' in November 2025, citing Bitcoin exposure exceeding the reserve buffer and undisclosed custodians and counterparties

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

The first and largest cryptocurrency, spanning its price and adoption, mining, protocol politics, and its contested role as digital money and inflation hedge.

Supply, adoption, and competitive dynamics of fiat-pegged tokens, tracking issuers like Tether and Circle and the payment and trading flows they power.