Tether holds 116 tonnes of gold, competing with Korea and Hungary’s reserves: Jefferies

According to Jefferies, Tether’s gold accumulation is on par with several central banks, representing nearly 2% of global gold demand last quarter. With a projected $15 billion profit in 2023, Tether aims to acquire an additional 100 tonnes by 2025.

Jefferies highlights that Tether’s aggressive gold purchasing is influencing short-term market sentiment and could lead to increased speculative inflows into gold. Additionally, Tether promotes its gold-backed token, Tether Gold (XAUt), further shaping market dynamics.