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A crypto firm from El Salvador has more gold than most central banks.
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A crypto firm from El Salvador has more gold than most central banks.
They now hold 116 tonnes of gold.
Roughly equal to South Korea, Hungary, or Greece.
Think about that.
A private company in El Salvador is sitting on billions of dollars' worth of gold bars. In a Swiss vault. Somewhere. ????
Here's where it gets wild:
? Their Q3 buying was 2% of ALL global gold demand
? They bought more gold than most central banks
? They're now the largest gold holder outside CBs
Gold prices surged 58% this year -> coincidence? ?'?
But wait. The plot thickens.
As FT Alphaville points out, the new US GENIUS Act explicitly bans stablecoins from using gold as reserves.
So what does Tether do? Buys MORE gold.
They're betting everything on tokenized gold through XAUt tokens.
Each token = one ounce of physical gold.
The economics are brutal:
Traditional gold investing sucks. Storage costs. Insurance. ETF fees. T+1 settlement risk.
Tokenized gold? Trade 24/7. Real-time settlement. No management fees. No minimums.
Sounds perfect, right?
But here's the catch: You're trusting a crypto company registered in El Salvador with 100+ tonnes of unaudited gold in an undisclosed Swiss warehouse. What could possibly go wrong?