CoinShares Report: Tether Isn’t Struggling, It’s Strong

Forget the whispers. Ignore the doom-scrolling. A major institutional voice just cut through the noise on stablecoins.

The Contrarian Take

While skeptics circle, one of crypto's leading asset managers delivers a verdict that flips the narrative. Their analysis bypasses surface-level FUD, digging into the mechanics that actually matter.

Strength in Structure

The findings point to resilience, not risk. It's a data-driven counterpunch to the perennial critics who treat every market tremor as a prelude to collapse—a favorite pastime in traditional finance, where predicting a crash ten times a year eventually makes you look 'prudent.'

The bottom line? The dominant force in digital dollar tokens is built on more than promises. Sometimes, the crowded trade is being wrong.

CoinShares Head of Research James Butterfill pushed back on fresh concerns from Arthur Hayes and S&P Global, saying fears over Tether’s solvency are unfounded. He pointed to Tether’s latest attestation showing about $181 billion in reserves versus $174.45 billion in liabilities, reflecting a $6.8 billion surplus. Butterfill noted Tether remains among the most profitable players in crypto, earning nearly $10 billion in profit during the first three quarters of 2025.