According to Bloomberg, Tether has become the largest holder of gold reserves outside of sovereign nations and banks, currently holding over 140 tons of gold, worth approximately $24 billion. Its reserves even surpass the official reserves of many countries, including Australia and Saudi Arabia. In addition to serving as a 1:1 reserve for its issued gold token, Tether Gold (XAUT), Tether also holds a significant amount of gold as surplus reserves on its balance sheet (providing additional over-collateralization for its stablecoin, USDT). Tether CEO Paolo Ardoino has stated that most of its gold is stored in highly secure vaults in Switzerland.
Tether has become the largest holder of gold reserves outside of sovereign nations and banks, currently holding over 140 tons of gold.
This article is machine translated
Show original
Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments
Share
Relevant content
