Paolo Ardoino, CEO of Tether, the writer of the largest Stablecoin USDT, gained X on Sunday and rebutted claims about an organization promoting Bitcoin (BTC) to spend money on gold. In his publish, Aldoino wrote, “Tether didn’t promote Bitcoin,” including:
“The world continues to get darker, however Tether continues to speculate a few of its income in protected property corresponding to Bitcoin, gold and land.”
How the rumors started
On September sixth, YouTuber Clive Thompson claimed that “Not too long ago, Tether has purchased gold and sells Bitcoin.” Thompson’s claims had been primarily based on an investigation into Tether’s property assertion.
In keeping with Thompson, Tether offered over $1 billion in BTC and purchased over $1.6 billion in gold within the final quarter. This exhibits that Tether, based on Thompson, is dumping Bitcoin in favor of gold.
Thompson’s claims are flawed
Jan3 CEO Samson Mow identified the issues in Thompson’s principle primarily based on public knowledge. In X’s publish, Mow defined that Thompson got here to the fallacious conclusion as he assumed that Tether’s BTC holdings declined robotically means promoting for gold.
Within the first and second quarters of this yr, Tether reported holdings of 92,650 BTC and 83,274 BTC respectively. In keeping with Mow, Thompson had forgotten to think about the funding of Tether for one more venture known as Twenty One Capital (XXI). Tether moved 14,000 BTC on June 2nd and 5,800 BTC in July, sending a complete of 19,800 BTC to XXI.
Crypto Investor Blueprint: 5-day course on bag holdings, insider frontrunning, and misplaced alpha
Due to this fact, Mow defined that Tether had 4,624 BTC extra within the second quarter of 2025 than the earlier quarter. Given the July transfer, Tether “has (at the very least) a web enhance in Bitcoin holdings of 10,424 BTC,” writes Mow.
Because of this, Mow dismissed Thompson’s declare as “false” and labeled it as a “determined” try to create bearish information surrounding Bitcoin.
The intense relationship between tether and gold
The newest developments surrounding Tether come simply days after the corporate introduced it was contemplating investing in a gold mining firm. Nevertheless, tethers have diversified into gold for a while.
In June, Stablecoin Issuer spent $90 million to amass a major stake in an organization specializing in gold royalties. Earlier this week, Tether introduced that he would pour one other $100 million into the identical firm, Eleclytus Royalties Corp.
Moreover, the tether points a gold-backed Stablecoin Tether Gold (Xaut). Roughly 5% of the USDT reserves are additionally held in gold by tethers.
