Tether’s Gold Hoard Surges to 116 Tons, Rivals Small Central Banks

Investment bank Jefferies said the recent surge in gold prices can’t be explained by traditional drivers alone and points instead to Tether as a major new buyer. Attestation data and on-chain activity show that the stablecoin issuer has accumulated substantial bullion in recent months, tightening supply and helping fuel the sharp rally, the bank said in the Thursday report. The precious metal has risen more than 50% this year and is currently trading around $4,080 per ounce. Jefferies first flagged Teth ...