Tether’s Gold Acquisition: A Shake-Up for Crypto and Banking
So Tether just went and bought 116 tons of gold. And it looks like they are about to shake things up for both the crypto and banking sectors. This is huge, and it seems like Tether is trying to make a statement about how they want to be a player in both the gold and crypto markets.
Tether Now a Major Gold Player
Tether Holdings has now become the largest private holder of gold in the world. CEO Paolo Ardoino confirmed the size of their stash at a few recent industry events. This is part of an effort to diversify their reserves. They’re saying that now about 7% of their total assets are backed by gold. That could make people feel a little more confident in USDT, right?
This acquisition is no small thing. It’s directly challenging…
