Just saw Tether's gold reserves hit $23 billion according to Jefferies analysis. That's wild when you think about it - their bullion desk operations are now outpacing what most nation states are accumulating. The buying pressure has been pretty relentless lately.

What caught my attention is how this compares to traditional reserves. A lot of countries are sitting on similar or smaller gold stockpiles, and here's a crypto-backed stablecoin company moving faster than most central banks. The scale of institutional interest in this space is becoming harder to ignore.

Curious to see where this heads. If the trend continues, Tether's position in the gold market could become pretty significant from a macro perspective.