Core Insights - Tether has become one of the largest gold buyers, acquiring 26 metric tonnes in Q3 2025, surpassing all central banks during the same period [2][4] - Tether's total gold reserves have reached approximately 116 tonnes, positioning it among the top 30 gold-holding entities globally, ahead of countries like Greece, Qatar, and Australia [2][5] Group 1: Gold Acquisition - Tether's gold purchases have significantly increased, with 26 tonnes acquired in Q3 2025 [2][4] - The firm's gold reserves now rival those of a mid-sized central bank, indicating a strategic shift towards precious metals [1][2] Group 2: Gold Reserves Composition - Tether's reported gold reserves include assets backing its tokenized gold product, XAUT, which has a market capitalization of around $1.6 billion, accounting for less than 12 tonnes of bullion [3][5] - Precious metals constitute approximately 7% of Tether's stablecoin reserves, highlighting the importance of gold in its asset allocation strategy [3] Group 3: Investment Strategy - CEO Paolo Ardoino has expressed a commitment to investing in safe assets, including Bitcoin, gold, and land, amidst global uncertainties [4] - Tether has also invested $100 million in mining royalties, specifically in Elemental Altus, diversifying its investment portfolio beyond physical gold [4]

DeFi & Tokenization - Tokenized treasuries are yielding 965% risk-free through BUIDL staking on Ondo plus Aave collateral loops [1] - On-chain migration of $125 Billion stablecoin reserves enables infrastructure tokens to collect 10 bps on $27 Trillion migration [1] Valuation - Ondo's TVL is 3x, while comparable entities trade at 15-20x [1]