Tether, a well-known stablecoin issuer with a market cap of $175 billion, plans to invest part of its profits in the gold industry, according to a Financial Times report.
Tether's Interest in Gold Industry
According to Financial Times, Tether is holding meetings with mining and investment groups to invest across the entire gold supply chain. Their investments may cover companies involved in mining, refining, trading, and royalty.
Initial Steps by Tether in Investments
Tether Investments has already acquired a $105 million stake in Elemental Altus, a publicly listed company based in Toronto. This investment was expanded by another $100 million after the merger announcement with EMX. Tether's head of business initiatives, Juan Sartori, stated this is part of their plan to grow their exposure to gold.
Economic Situation and Gold Price
With the US national debt topping $37 trillion, the price of gold has reached an all-time high above $3,600 per ounce. This attracts investor attention, as gold is traditionally seen as a store of value during economic instability.
Tether's investment plans in the gold industry highlight the growing interest in gold amidst increasing pressures on the US financial system, which may influence future investment trends.
