Bitcoin stash exceeds 100,500, stablecoin behemoth possesses 7.7 tons of gold
The Q1 attestation report from Tether shows that the stablecoin powerhouse has secured over 7.7 tons of real gold to support its XAU₮ supply.
The Treasury reported 100,521 Bitcoin tokens held by Tether at the conclusion of Q1.
Tether co-founder says USD-backed stablecoins prevail, but other currencies may soon compete.
Tether, the seventh-largest US Treasury bill holder, released its first-quarter attestation report on Monday. The stablecoin corporation observed the USD's dominance in the stablecoin sector and deleted its physical Gold reserve data.
Crypto user adoption is measured by stablecoin circulation and market capitalization, which serve as a fiat on- and off-ramp for traders and new market participants in most countries where crypto is not “legal tender.”
Bitcoin and real Gold are rising in Tether.
Profits for Tether in 2024 were over $14 billion. Pirate Wires reports that Tether was the most profitable company per employee in 2024, earning about $93 million.
Crypto traders care about Tether's stablecoin issuance, demand, and US Dollar and Gold reserves. From Q1 testimony, the giant owns over 7.7 tons of actual Gold.
Retail traders and institutional investors buying USDT may be more confident due to Tether's rising profitability and reserves. The company has announced intentions to launch Real World Asset tokenization (RWA) and stablecoins backed by non-USD currencies and actual assets like gold.
Tether co-founder says stablecoins protect US Dollar dominance.
The US Dollar is the main fiat currency underpinning Tether stablecoins.
“The stablecoin helps preserve Dollar dominance, especially in crypto. A crypto reserve currency is the Dollar. But new currencies are entering the market. Most importantly, it's not currency. Different backing.”
Co-founder of stablecoin giant believes assets backing stablecoins other than USDT may soon catch up by giving a higher yield to users.
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