Tether's $135bn Gold Hoard Sparks Regulatory Concerns

The secretive cryptocurrency firm Tether has been making waves in the financial world. According to European Central Bank data, it was the single biggest buyer of gold last year.

Tether runs USDT, the world's largest stablecoin, which is a form of crypto backed by hard currency. It serves as a conduit between riskier cryptocurrencies and conventional finance.

The company keeps its gold reserves in a James Bond-style Swiss former nuclear bunker, according to Tether's boss. It also owns an estimated $135 billion worth of US Government debt, more than some G20 nation states, including South Korea.

Tether has been linked to Nigel Farage's Reform party through significant shareholder Christopher Harborne. He donated £9 million to the party in August 2022 and a further £3 million each in October and January 2023. This is the largest donation in British history.