USDT / Tether – Cartographie des risques systémiques

USDT has established itself as the dominant settlement asset of the global crypto economy, concentrating the majority of trading volumes, liquidity, and cross-border payments. As the backbone of on-chain markets, its systemic role is built on a centrally managed reserve structure operated by Tether, historically oriented toward money market instruments. This centrality comes with key areas of vigilance for institutional players, notably around governance, operational risk, and regulatory exposure.