.Tether_to now holds over $3.4 billion in Gold, gaborgurbacs explains why this is important Tether
He noticed that about $500 million is backing the circulating supply of Tether Gold , the largest Gold-pegged stablecoin issued by Tether.
As such, the share of Gold in Tether's reserves is 127% larger than that of Bitcoin . Tether only stores $1.5 billion equivalent in the first cryptocurrency. This combination of Gold and Bitcoin looks like a powerful hedge against upcoming market"catastrophic scenarios" and"Black Swan" events, Gurbacs says.
It should also be noticed that Gurbacs holds an advisory position in Tether, as per his Twitter bio description.He also opined that mixed portfolios should consider holding between 5-10% in Gold, Bitcoin and Commodities. Typically, precious metals have the lowest volatility out of all assets available for retail and corporate investors.
Meanwhile, Tether market capitalization has almost erased all losses caused by the Terra collapse a year ago. As of printing time, its market cap exceeds $82 billion in equivalent. At the ATH, this metric totaled $83 billion.
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