Core Insights - Tether remains the largest stablecoin by market cap and trading volume, with over $183 billion in circulation, indicating its significant influence on the cryptocurrency market [2] - Tether's reserves are primarily backed by US Treasuries, accounting for over 74% of its assets, positioning it as the 17th largest holder of US Treasuries globally [2] - Tether is actively investing in gold, holding nearly $13 billion, which represents approximately 7.1% of its reserves, and aims to increase its gold holdings [3][4] Tether's Investment Strategy - Tether's strategy includes acquiring gold, which may elevate its status among the largest gold holders, potentially surpassing some sovereign nations [4] - The company has significant stakes in gold royalty companies, owning over 50% of Elemental Altus Royalties and 4.6% of Metalla Royalty, providing exposure to mining production without operational risks [5] - Tether's recent acquisition of shares in GROY Gold Royalty Corp has raised concerns regarding its ambitions for control, as it increased its stake to over 10% [6][7]