黄金真正的“大庄家”：“稳定币老大”Tether

Core Viewpoint - The article highlights Tether, a controversial stablecoin issuer in the cryptocurrency world, as a significant buyer of gold, reshaping the supply-demand dynamics of traditional safe-haven assets [1][2]. Group 1: Tether's Gold Holdings - As of September 30, Tether holds 116 tons of gold valued at approximately $14 billion, making it the largest single holder of gold outside of major central banks [2]. - In Q3 alone, Tether purchased about 26 tons of gold, accounting for 2% of global gold demand during that period and 12% of known central bank purchases [3][11]. Group 2: Impact on Gold Prices - The article suggests that Tether's gold purchases have contributed to a 56% increase in gold prices by 2025, with gold prices rising by about $2000 this year [5][11]. - Tether's demand has potentially tightened supply and influenced market sentiment, driving speculative funds into the gold market [6]. Group 3: Future Gold Purchases - Tether plans to purchase approximately 100 tons of physical gold by 2025, supported by an expected profit of nearly $15 billion this year [12][11]. - The strategy involves using gold reserves to back two different tokens, USDT and Tether Gold (XAUt), with a total of 116 tons of gold backing these tokens [13]. Group 4: Regulatory Challenges - Tether's gold purchasing strategy conflicts with the recently passed GENIUS Act, which prohibits compliant issuers from using gold as reserve assets [14]. - Despite regulatory challenges, Tether has increased its gold reserves, indicating a long-term strategy focused on tokenized gold [14][17]. Group 5: Market Dynamics and Risks - The intertwining of cryptocurrency and traditional safe-haven assets raises concerns about the potential for speculative bubbles in gold [7][15]. - If demand for stablecoins reverses, the gold reserves supporting them may face selling pressure, impacting the gold market [7][15]. Group 6: Tokenized Gold Market - Tether's ambition in the tokenized gold market reflects a desire to provide a more accessible way for retail investors to hold gold without the high costs associated with physical ownership [17][18]. - However, demand for tokenized gold remains low, with Tether being one of the few issuers with significant holdings [19].