Crypto is joining the global gold rush: Tether’s gold holdings hit a record 12.9 billion in September. This equates to 104 tonnes of physical gold. The value of its gold holdings has DOUBLED since the beginning of the year, while physical reserves have also doubled since Q2 2024. Tether has been accumulating gold at an average rate of more than +1 ton per week in 2025, making it one of the biggest buyers in the global market. As a result, Tether's total reserve assets have surpassed 180 billion, with 7% held in gold. Tether is becoming one of the world’s largest gold holders.(The Kobeissi Letter)