Tether, who gave the world’s largest stablecoin, USDT, had an investment in gold mining, The Financial Times reported Friday.
The firm conducted discussions with mining groups about putting money on the gold supply chain, including refinement, trading and royalties, according to the report, citing people familiar with the conversations.
Tether CEO Paolo Ardoino defined precious metal as “Bitcoin in nature,” in a Speaking at the Bitcoin 2025 conference in May.
An executive of the commodity industry was referred to in Tether as the “odd company I dealt with,” according to the report.
Tether holds $ 8.7 billion in gold bars at a Zurich Vault, according to its financial statements, and in June this year Paid $ 89.2 million for a minority stake at Elemental Altus (She)A public that exchanged precious-metals investment company.
The company also offers Tether gold (XAUT)a stablecoin in which each token is worth the value of a troy ounce of physical gold.
Gold will rise to a full time high over $ 3,550 per ounce this week, which is almost Double in price in the last two years. Given its reputation as a shelter amongst geopolitical tensionsGold remains a natural investment of interest for indigenous investors, many of them buy Bitcoin and other digital assets for similar reasons.
Tether did not respond immediately to CoinDesk’s request for comment.
