On January 27, news, the stablecoin giant Tether is accelerating its layout in the gold market. CEO Paul Ardoino stated that the company plans to become the “gold central bank” in the post-dollar era and actively trade its massive gold reserves. Ardoino pointed out that as potential US competitors may launch dollar substitutes backed by gold, Tether’s role in the global gold market will further expand. He believes that gold is “logically safer than any national currency.”
According to reports, Tether has accumulated nearly 140 tons of gold, stored in an underground facility built during the Cold War in Switzerland, second only to the gold held by central banks, ETFs, and commercial banks worldwide. Tether purchases about one to two tons of gold weekly and plans to maintain this pace in the coming months. With recent significant increases in gold prices, the total value of its gold reserves has exceeded $23.3 billion, with gold priced at approximately $5,234 per ounce.
Tether is expanding its trading business, not only holding gold reserves but also planning to actively trade to capture market arbitrage opportunities. Ardoino revealed that the company has hired two senior gold traders from HSBC to oversee precious metals market strategies. Additionally, Tether has acquired shares in Canadian listed companies such as Elemental Altus Royalties and Gold Royalty Corp. through equity investments to strengthen its presence in the precious metals sector.
In terms of stablecoin business, USDT still dominates globally, with a circulation exceeding $186 billion. Meanwhile, Tether’s issued Tether Gold (XAUT) has a market value of $2.62 billion, accounting for more than half of the gold stablecoin market. The company also announced today the launch of a new stablecoin USAT for US users and appointed former White House cryptocurrency policy advisor Bo Hines to the USAT team to enhance compliance and market expansion of dollar-pegged products.
Analysts believe that Tether’s strategy demonstrates a trend of deep integration between stablecoins and precious metals. As gold and other metal prices continue to strengthen, Tether not only consolidates its position in the global crypto financial market but also actively challenges traditional banks’ leadership in gold trading and asset management.
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