CoinShares Defends Tether’s Solvency Amid Market Concerns
CoinShares Head of Research James Butterfill dismissed recent skepticism about Tether's financial health, countering claims from BitMEX co-founder Arthur Hayes and S&P Global. The stablecoin issuer's latest attestation reveals $181 billion in reserves against $174.45 billion in liabilities, yielding a $6.8 billion surplus—a buffer that Butterfill argues demonstrates unquestionable solvency.
Tether continues to dominate crypto profitability, generating nearly $10 billion in earnings during the first three quarters of 2025. This performance cements its position as an outlier in the digital asset sector, where many projects struggle to achieve sustainable margins. The research chief's defense comes amid persistent market scrutiny of stablecoin reserves, particularly following the TerraUSD collapse.
