I noticed an interesting figure — Tether's gold reserves have already surpassed $23 billion. That's just an incredible volume when you think about it. For comparison, the annual gold purchases by some countries are less than this amount. According to Jefferies' analysis, the pace of reserve accumulation is truly impressive.

If we calculate based on the current gold price per ounce in dollars, that's approximately over 700 million ounces equivalent. Such figures used to seem like science fiction for a crypto project. Apparently, trust in the backing of stablecoins is growing, and investors are taking physical backing seriously.

This is either a sign that the market is truly seeking reliable assets or simply a demonstration of the power of major players. In any case, the trend is interesting.