Tether Accumulates Significant Gold Reserves, Impacting Market Dynamics
- Tether has amassed at least 116 tons of gold, making it the world’s largest non-sovereign holder.
- The precious metal’s price has surged over 50% this year, currently trading around $4,080 per ounce.
- In Q3 alone, Tether acquired approximately 26 tons, representing about 2% of global gold demand.
- Tether’s CEO Paolo Ardoino indicated plans to maintain gold as about 7% of reserves and projected a profit of $15 billion by 2025.
- The company has invested over $300 million in royalty and streaming companies within the gold sector this year.
Investment bank Jefferies highlighted Tether’s significant role in the recent gold price surge, attributing part of the rally to its substantial purchases that have tightened supply. Analysts suggest that continued accumulation could further influence market dynamics.
With Tether holding approximately 104 tons backing USDT worth about $13.67 billion, its position rivals that of smaller central banks, emphasizing its impact on both the stablecoin and gold markets.
