Tether To Explore Investments In Gold, The ‘Natural Bitcoin’
Stablecoin issuer Tether (CRYPTO: USDT) is exploring investments in the gold industry as part of its broader strategy to diversify profits from its cryptocurrency operations.
What Happened: Quoting sources, Financial Times reported on Friday that the company has held discussions with mining groups and investment firms about opportunities across the gold supply chain, including mining, refining, trading, and royalty agreements.
The move comes as Tether continues to generate significant profits from its USDT stablecoin, which has a market capitalization of $168 billion.
The firm earned $5.7 billion in profit during the first half of the year, largely through interest from U.S. Treasuries it holds as backing for the token.
Chief executive Paolo Ardoino has previously described gold as a “natural Bitcoin (CRYPTO: BTC),” emphasizing its role as a long-standing store …
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