Tether's $12.9B Gold Pile Marks It as a Major Buyer, Says Kobeissi Letter
Capital markets analyst The Kobeissi Letter said Wednesday that the cryptocurrency sector is becoming part of a "global gold rush," highlighting that stablecoin issuer Tether (USDT) reported record gold holdings of $12.9 billion in September, roughly 104 tons, in an X post. The analyst framed Tether as "one of the biggest buyers" of yellow metal, a notable shift for a firm traditionally associated with cash and short-duration assets.
The development matters because it underscores a growing strategy among some crypto firms to diversify reserves into hard assets, which can affect bullion demand and market dynamics. It also feeds ongoing discussions about stablecoin backing, liquidity management and transparency; investors and regulators will be watching Tether's next disclosures and global gold flows for signs of how durable and influential this allocation will be.