It turns out that in our crypto world, we are all working for stablecoin $USDT !😱 The parent company #Tether's total gold holdings have soared to over 140+ tons (worth over 23 billion dollars), firmly sitting as the largest non-sovereign/non-bank gold holder globally! This volume already surpasses the gold reserves of many small and medium-sized countries' central banks! Every time the crypto community deposits funds to exchange for USDT, they are indirectly helping Tether push up gold prices and accumulate hard inflation assets. Tether's recent operations have taken the "money printing + macro allocation" to the extreme: essentially, Tether (the issuer of USDT) profits from printing large amounts of "digital dollars" by earning interest on US bonds and then reinvesting in physical gold, creating a highly leveraged asset accumulation cycle. ⚠ But don't overlook the black box risks: #Gold liquidity is weak, and in the event of a large redemption, liquidation won't be as smooth as with US bonds. Of course, the transparency of Tether remains an old issue! Although they now regularly release BDO attestation reports, it is still not a full audit; details about the specific storage, ownership, and whether it can truly be quickly converted 1:1 are still something the outside world can only "trust." With a volume of over 140 tons, the trust cost is actually getting higher. Once market sentiment reverses or regulatory pressure suddenly increases, this could easily become an attack surface.