Tether dey put money inside gold mining to make USDT stability strong
Tether don dey push pawah to expand inside di gold business. Dem dey check how dem fit invest for different gold mining, refining and royalty companies. Di plan na to make di stablecoin issuer get more commodity exposure and to make USDT backup more stable. Since Tether launch di tokenized gold wey dem dey call Tether Gold (XAUt) for 2020, dem don back 259,000 XAUt tokens with 7.7 tonnes of bullion, plus dem get about $8.7 billion for real physical gold. Di CEO, Paolo Ardoino, talk say gold be 'natural partner to bitcoin.' For di first half of 2024, Tether report say dem make $5.7 billion profit and get market cap of $168 billion. Di XAUt market cap jump pass $1.3 billion after one day wey dem mint $437 million for August. Recently, Tether Investments buy $105 million stake for one gold royalty company wey dem dey call Elemental Altus; plus dem put extra $100 million after them join hand with EMX, and dey still dey talk with Terranova Resources for BVI. By using crypto profit put inside metals market, dis gold mining business from Tether dey make USDT more stable, and e dey show say Tether commodities dey get better future, wey fit make traders trust stablecoin collateral more.
Bullish
Di expansion to gold mining plus related commodities dey strong USDT collateral base, e reduce how e depend for traditional assets. For short term, more gold reserves plus big investments fit boost market confidence, fit make demand for USDT go up. For long term, diversified backing with real-world assets like gold go improve stability, reduce risk wey dey for redemption, plus e go attract more institutional adoption. Old tins show say commodity-backed stablecoins dey get better reactions from traders, confirm say USDT get better future.