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Tether holds $135bn in US government debt as gold buying rises
BBC Business cites ECB data showing Tether bought more gold last year than any other buyer, while it also says it holds about $135bn in US government debt.
Tether, the El Salvador-based company behind the USDT stablecoin, is a major player connecting crypto markets with conventional finance, and BBC Business reports that it is effectively used as an offshore dollar.
According to data cited by BBC Business from the European Central Bank, Tether bought more gold last year than any other buyer, and the company’s chief executive says the gold is stored in a Swiss bunker-style facility.
BBC Business also reports that Tether says it owns as much US government debt as some G20 nation states, about $135bn (or £101bn), which is more than the holdings of South Korea.
The article ties Tether to wider attention around crypto regulation in the UK, noting that Harborne, a donor linked to Nigel Farage’s Reform party, gave cash donations in 2024, and that Bank of England governor Andrew Bailey said Farage raised issues including stablecoin regulation and central bank digital currencies with him in September.
It adds that Bailey said the intervention did not change Bank policy, and that the discussion included Farage’s concern about a potential Bank of England limit on holdings of potential sterling stablecoins in a range of £10,000 to £20,000.
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