Odaily News Jefferies' analysis report shows that the stablecoin issuer Tether currently holds 116 tons of physical gold, making it the “largest holder of gold aside from Central Banks.” Its reserves are now comparable to those of Central Banks in countries such as South Korea, Hungary, and Greece. In the last quarter, Tether's gold purchases accounted for nearly 2% of global gold demand and almost 12% of Central Bank purchases, and its aggressive acquisition activities may have affected short-term market supply and investor sentiment. Investors cited by Jefferies believe that Tether plans to acquire another 100 tons of gold by 2025. With an expected profit of $15 billion this year, this goal seems within reach. Moreover, Tether has invested over $300 million in precious metal producers and issued a gold-backed token, Tether Gold (XAUt), which has reached a market capitalization of $2.1 billion and has doubled its issuance in the past six months. (Cointelegraph)
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