Tethers Bold Move: Exploring Investments in Gold Mining Despite Industry Skepticism Tethers Bold Move: Exploring Investments in Gold Mining Despite Industry Skepticism

The company Tether, known for issuing the stablecoin USDT, has engaged in discussions about investing in gold mining. This information was reported by the Financial Times citing its own sources.

Tether has been in talks with mining and investment groups regarding investments across the entire supply chain of this precious metal, encompassing extraction, processing, trading, and royalties.

The interest from Tether has been met with surprise and skepticism within the traditionally conservative gold mining sector.

«They have a penchant for gold. I doubt they have a clear strategy,» remarked an industry executive to the publication.

Sources indicate that Tether also negotiated with investment firm Terranova Resources, although these discussions did not result in a deal.

«This is the strangest firm I’ve ever dealt with,» noted another representative from the commodities sector.

In June, Tether-affiliated company Tether Investments acquired 31.9% of shares in the gold mining company Elemental Altus Royalties.

Recall that in July, Bloomberg reported that Tether holds gold valued at $8 billion in its vaults in Switzerland.

In the same month, the issuer released a report stating that at the end of Q2, nearly 250,000 «gold» stablecoins (XAUT) were in circulation.