Tether bought more gold last quarter than every central bank.

I’m seeing a lot of people react to this chart and conclude that Tether prefers gold over Bitcoin, which is the wrong takeaway. Tether currently holds 87,475 BTC and, since 2023, has had a policy of allocating up to 15% of its net operating profits to buy more. In fact, it had more than 100,000 BTC in May before it deployed some of that into the Bitcoin treasury company, XXI. The real takeaway is that Tether isn’t just a stablecoin issuer anymore, it’s a global conglomerate.