Crypto today: Tether vs S&P Strategy BTC, Nasdaq tokenized stocks
Here are the latest developments in the crypto sector, including updates affecting Bitcoin, blockchain, DeFi, NFTs, Web3 and digital asset regulation.
Tether CEO responds to S&P Global peg assessment
Paolo Ardoino, chief executive of Tether, the issuer of the USDt (USDT) stablecoin, addressed concerns raised by market commentators and S&P Global regarding the token’s dollar peg.
Ardoino said the Tether Group’s total assets stood at about $215 billion in Q3 2025, with total stablecoin liabilities of approximately $184.5 billion. He added: “Tether had, at the end of Q3 2025, about $7 billion in excess equity, on top of the about $184.5 billion in stablecoin reserves, plus about another $23 billion in retained earnings as part of our Tether Group equity.”
His comments followed S&P Global’s decision to lower its assessment of USDt’s ability to hold its peg to “weak,” the lowest level on its scale.
Strategy would sell Bitcoin only as a last resort if mNAV falls and funding dries up, CEO says
Strategy would consider selling Bitcoin only if its share price trades below net asset value and the company cannot access new capital, CEO Phong Le said in an interview.
Speaking on the What Bitcoin Did podcast, Le noted that if the multiple to net asset value (mNAV) were to drop below one and financing options were unavailable, selling Bitcoin could become “mathematically” warranted to protect what he described as “Bitcoin yield per share.” He emphasized this would be a last resort rather than a change in strategy, stating, “I would not want to be the company that sells Bitcoin,” but adding that financial discipline must guide decisions in adverse markets.
Le explained that Strategy’s approach relies on raising capital when its shares trade at a premium to NAV and deploying those proceeds to purchase Bitcoin (BTC), thereby increasing BTC held per share. If that premium disappears, he said, selling some holdings to meet obligations may be acceptable to shareholders if issuing new equity would be more dilutive.
Strategy’s Bitcoin holdings. Source: BitcoinTreasuries.NET
Nasdaq aims to move quickly on tokenized stock plan, pending SEC review
Nasdaq is prioritizing U.S. Securities and Exchange Commission approval for its proposal to offer tokenized versions of exchange-listed equities, according to the exchange’s head of digital assets strategy, Matt Savarese.
“We’ll just move as fast as we can,” Savarese told CNBC on Thursday when asked whether the SEC could clear the proposal this year. He said the exchange will review public comments, respond to SEC inquiries, and “work with them as quickly as possible.”
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