Gold has soared. There is a company win thoroughly | Why does TEDA hold the world's largest reserve of physical gold? If you also hold USDT, be sure to read this article! The best gold has soared, and TEDA can be said to have won a win thoroughly! Because globally, it does not include ETF/trusts, but only physical gold held by operating companies for reserve/stablecoin reserves, The company with the world's largest gold holdings in the verifiable report is Tether. Stablecoins leverage the most leveraged and profitable super companies, and this snowball continues to grow bigger and bigger—— Because he is engaged in a super simple yet large-scale financial business: one ️⃣ Core: Obtain the "global demand for US dollars" and then take advantage of the interest margin The commercial essence of USDT is: You give Tether 1 USD (or equivalent asset) → it gives you 1 USDT. The money in Tether's hands will be allocated to reserves mainly consisting of US treasury bond bonds/cash equivalents, and then the interest income will almost belong to the company. When the circulation scale of USDT reaches approximately 174 billion US dollars (2025-09-30 caliber), even if the conservative annualized yield is 4%, it will still be a "printing press" level interest pool. That's why stablecoin issuers become extremely profitable during high interest rate cycles. two ️⃣ Scale effect: Low cost but huge balance Tether's operating costs (team, compliance, channels) are relatively light compared to the asset size it manages. Low cost+huge investable assets=astonishing profit margin (which is also why it is often referred to as "one of the most profitable financial technologies"). It disclosed on its own that the group's net profit exceeded 13 billion US dollars in 2024. It also disclosed that its profit for the first three quarters of 2025 exceeded $10 billion, with billions of dollars in "excess reserves/buffers". three ️⃣ More than treasury bond: TEDA also takes part to make more "profitable" allocation (more controversial) In public information, Tether's reserves include not only US bonds, but also gold, Bitcoin, secured loans, and more. This will bring additional benefits/floating profits, but at the same time, it also brings risks and doubts (transparency, volatility, asset segregation, etc.). The gold you asked earlier: Reuters recently wrote that it bought about 27 tons of gold in Q4 2025 and mentioned the tonnage/proportion of gold in its reserves. four ️⃣ On the demand side, USDT is often referred to as the "better dollar" in many countries/scenarios In some countries (with foreign exchange controls, weak banking systems, inconvenient cross-border settlements, and high demand for grayscale), USDT is the fastest, cheapest, and most universal "alternative to the US dollar". So what it has obtained is a global "USD liquidity gateway", and its scale naturally grows larger and larger. In summary, the reason why Tether is "so wealthy" is because it has obtained a large "deposit" of global demand for US dollars, and then used US bond interest to turn this money into huge profits. five ️⃣ What are the risks of Teda? The triple game of confidence, liquidity, and regulation. The core risk of Tether is definitely not the lack of assets that many people think. Tether is a huge snowball, and assets will only roll bigger and bigger, with only one risk: When 'everyone defaults to its safety' → 'begins to carefully examine it' → 'a certain link is magnified and questioned', liquidity confidence may suddenly reverse. The truly dangerous moments only occur in three situations: 1) The asset structure has become more complex (the proportion of non US bonds has increased); 2) Sudden regulatory/judicial roll call; 3) Market confidence has shifted from 'default safety' to 'starting to question'. If two of these three situations occur at the same time, I think it is very dangerous. If three situations occur at the same time, it is very likely that we need to be vigilant about financial security. Therefore, stress testing at this time is very important. Currently, TEDA has not experienced three events at the same time, so we cannot know the results, which is precisely the biggest risk point. For us, I think the biggest risk prevention is to be proactive and not worry unnecessarily. However, we need to prepare in advance and make proper allocations, such as cash flow, mainstream currencies, and stablecoins, so that no stablecoin becomes your killer move. Finally, I would like to say that I believe USDT is very safe, even safer than most traditional financial products, but it is only an efficiency tool, not an asset anchor.