Tether, the issuer of world’s largest stablecoin, USDT, has eyed investing in gold mining, the Monetary Instances reported on Friday.
The agency has held discussions with mining teams about placing cash into the gold provide chain, together with refining, buying and selling and royalties, in accordance with the report, which cited individuals conversant in the talks.
Tether CEO Paolo Ardoino referred to the valuable metallic as “bitcoin in nature,” in a speech on the Bitcoin 2025 convention in Could.
One commodity business govt referred to Tether because the “weirdest firm I’ve ever handled,” in accordance with the report.
Tether already holds $8.7 billion in gold bars in a Zurich vault, in accordance with its monetary statements, and in June this yr paid $89.2 million for a minority stake in Elemental Altus (ELE), a publicly traded precious-metals funding firm.
The corporate additionally affords Tether Gold (XAUT), a stablecoin wherein every token is equal to the worth of 1 troy ounce of bodily gold.
Gold rose to an all-time excessive of over $3,550 per ounce this week, having almost doubled in worth within the final two years. Given its repute as a haven amid geopolitical tensions, gold stays a pure funding of curiosity for crypto-native buyers, lots of whom purchase bitcoin and different digital belongings for comparable causes.
Tether didn’t instantly reply to CoinDesk’s request for remark.
