Jason Calacanis, an early investor in Uber, has called on Tether to sell its Bitcoin holdings and maintain 100% U.S. Treasury reserves to achieve full operational stability and credibility. Calacanis argues that this move would reduce systemic risk and align Tether with American financial standards. He also suggests that Tether undergo independent audits by two U.S. firms to enhance transparency. This recommendation follows S&P Global's recent downgrade of USDT's dollar peg stability to 'Weak', citing excessive Bitcoin reserves and lack of comprehensive audits. Tether currently holds approximately 87,296 BTC, valued at around $900 million, as part of its reserves. Calacanis, a known skeptic of cryptocurrencies, has previously warned of Tether's potential systemic risks, labeling it a possible 'black swan'. USDT's market cap stands at $18.5 billion.