Financial Times: Tether is negotiating for investment in gold mining

PANews reported on September 5 that according to the Financial Times, Tether is in talks about investing in gold mining. The company plans to invest in all aspects of the gold supply chain, including mining, refining, trading and concession companies. Tether has negotiated with several gold concessions that invest in mines that invest in mines in exchange for a certain percentage of future revenue, several people familiar with the matter said. Tether is considering further concession deals, including continuing to invest in Elemental Altus. Tether also had talks with Terranova Resources, a gold mining investment firm based in the British Virgin Islands, but no deal was reached. In addition, Tether operates XAUt, a cryptocurrency token endorsed by physical gold, with a market value of US$880 million. According to industry insiders, Tether also occupies an important position in the field of commodity trade financing, providing short-term financing for raw material goods, and its transaction books have reached billions of dollars. Tether currently holds $8.7 billion worth of gold reserves in the Zurich vault in Switzerland as collateral for its stablecoins. In June, Tether Investments has spent $105 million to acquire a minority stake in Toronto-listed gold concession Elemental Altus.