Tether Expands Gold Reserves Amid Market Volatility

Tether, a major player in the cryptocurrency space, has continued its gold buying spree despite market volatility. In the three months to June, Tether acquired 14 tons of gold for its reserves, bringing its total holdings to 146 tons worth $18.8 billion.

This marks the fifth consecutive quarter that Tether has increased its gold reserves, solidifying its position as the largest known holder of bullion outside of banks and nation states. The company's quarterly attestation revealed this latest addition to its treasure trove.

The gold buying spree is likely linked to the inflationary impact of the Middle East conflict, which sent bond yields soaring and weighed on gold prices throughout the quarter.