In a historic milestone for commodity markets, the physical gold price surpassed the $5,300 per ounce barrier this week. While Bitcoin shows signs of lagging behind traditional assets, Tether and Coinbase have adopted divergent strategies to capitalize on this rally, positioning themselves aggressively amid the growing demand for safe havens.
Tether, the issuer of the USDT stablecoin, has intensified its accumulation of metal reserves, reaching 130 metric tons of physical gold bullion. This strategic move, valued at approximately $22 billion, places the company on a scale comparable to the central banks of nations such as Sweden or Mexico, according to recent World Gold Council data.
On the other hand, the Coinbase platform has chosen to encourage access to financial derivatives, actively promoting the trading of precious metal futures. Unlike direct holding, this modality allows users to speculate on market movements, consolidating crypto infrastructure as a bridge toward traditional assets during times of high exchange rate volatility.
Tether’s rise as a digital reserve central bank
Under the leadership of Paolo Ardoino, the company seeks to transform itself into one of the financial institutions with the greatest tangible backing in the global ecosystem. In addition to general reserves, Tether custodies 520,089 troy ounces dedicated exclusively to its XAUT token, thereby ensuring that every digital unit is eligible for actual physical redemption.
This massive accumulation of bullion responds to a context where the US dollar has lost 10.7% of its value, strengthening the metal’s appeal as an inflationary hedge. Furthermore, the company differentiates itself from its competitors by prioritizing direct possession, avoiding the counterparty risks associated with paper markets or complex financial derivatives.
Is the Coinbase futures boom a signal of a market top?
The recent promotion of silver and gold contracts by Brian Armstrong has sparked intense debate among sector analysts. Some experts suggest that the push for these products, which do not involve physical delivery of the metal, could represent a sign of exhaustion in the upward trend. However, the platform defends its offering as a necessary tool for portfolio diversification in a blockchain that is increasingly interconnected with global finance.
While gold has recorded an impressive 90% growth over the past year, Bitcoin has seen a 13% decline, persistently trading below the $90,000 mark. Therefore, the migration of capital toward assets with lower perceived risk reflects a shift in investor sentiment, as they seek to protect their profits against the economic uncertainty prevailing in international markets.
