Tether will become ‘gold central bank’ in post-dollar world, CEO Ardoino says

Tether CEO Paolo Ardoino announced that the stablecoin issuer is positioning itself to become one of the world's largest gold central banks, anticipating a future where geopolitical rivals to the U.S. might launch dollar alternatives backed by gold. Tether is actively reinvesting its earnings into gold, currently purchasing one to two tons weekly, bringing its total reserves close to 140 tons, valued over $23.3 billion and stored in a Swiss bunker. Beyond holding reserves, Tether intends to enter the gold trading arena, competing with giants like JPMorgan and HSBC by actively trading its holdings to capture arbitrage opportunities, having recently hired two senior gold traders from HSBC. This strategy is fueled by the success of USDT, which dominates the stablecoin market, providing capital for these asset acquisitions and expansions, including its own gold stablecoin, XAUT.

(Source：The Block)