The Far-Reaching Impact of Gold Reserves
Stablecoin issuer Tether Holdings SA has amassed a staggering 140 tons of gold reserves, valued at approximately $23 billion at current market prices. This scale positions it as one of the largest gold holders globally, rivaled only by some national central banks.
Expanding Reserves Continuously
According to CEO Paolo Ardoino, Tether is purchasing gold at a rate of 1 to 2 tons per week, aiming to establish a long-term and stable gold reserve system. This initiative has been likened to acting as one of the world’s largest gold central banks.
Gold Tokens and Future Plans
To prepare for potential geopolitical shifts, Tether has launched a gold-backed token, XAUT, as part of its readiness for future gold-backed currencies. Additionally, the company plans to enter the competitive gold trading market alongside major banks.
Diversified Strategy
- Hiring former HSBC senior gold traders
- Acquiring stakes in several mid-sized Canadian gold mining companies
- Continuously expanding gold reserves
These measures indicate that Tether is making a comprehensive move into the gold market to strengthen its position in the global financial system.