Tether, the issuer of the USDT stablecoin, has become the single largest purchaser of gold globally, surpassing traditional central banks and sovereign wealth funds in recent buying activity.
The revelation underscores a significant structural shift within the cryptocurrency industry, where major players are increasingly seeking tangible assets to back their digital liabilities and hedge against regulatory uncertainty.
The development comes amid heightened scrutiny of the political connections between UK politicians and crypto ventures.
BBC reporting highlights that Nigel Farage, leader of the Reform UK party, has publicly advocated for the UK to embrace the cryptocurrency industry.
Farage’s stance is closely linked to Tether, which is identified as the largest donor to his party.
This political alignment raises questions about the potential influence of crypto capital on UK financial policy and regulatory frameworks.