Tether’s Gold Investment Plans Unveiled by Journalists

Tether discusses gold mining investments, surprising the sector.

Tether, the issuer of the USDT stablecoin, has engaged in discussions regarding investments in gold mining, according to Financial Times, citing its own sources.

The company has explored investments across the entire precious metal supply chain, including mining, processing, trading, and royalties, with mining and investment groups.

Tether’s interest has been met with surprise and skepticism in the traditionally conservative gold mining sector.

“They like gold. I don’t think they have a strategy,” one mining industry executive told the publication.

Sources revealed that Tether also held talks with the investment firm Terranova Resources, but these did not result in a deal.

“This is the strangest firm I have ever dealt with,” remarked another representative from the commodities sector.

In June, a company affiliated with Tether, Tether Investments, acquired a 31.9% stake in the gold mining company Elemental Altus Royalties.

In July, Bloomberg reported that Tether holds $8 billion worth of gold in its own vault in Switzerland.

That same month, the issuer released a report indicating that nearly 250,000 “gold” stablecoins (XAUT) were in circulation by the end of the second quarter.