2）在过去的数个月里，Tether——长期以来以发行最大稳定币 USDT 而闻名——悄然成为全球最大的私人黄金持有者之一。 Jefferies 的股票分析师 Fahad Tariq 和 Andrew Moss 最近发布了一份关于 Tether 在黄金市场影响力不断上升的报告。 Jefferies 的数据估算，Tether 当前持有 116 吨黄金（价值约 140 亿美元），其购金量约占： * 全球黄金需求的 ~2% * 全球各国央行购金量的 ~12% 这意味着，Tether 的黄金头寸规模已经与一些中小型央行（例如韩国、匈牙利或希腊）相当，这些国家的官方黄金储备均在 100–115 吨之间。 在这些持有量中，约 12 吨用于支撑 Tether 的黄金背书代币 Tether Gold（XAUt）。 Jefferies 指出，Tether 将金条视为一种长期的结构性资产： * 通过利润与稳定币业务收入持续增持黄金 * 将黄金作为长期价值储存手段 甚至正在探索对“黄金特许权（royalty）与金矿流媒体公司（streaming companies）”的投资，从而在黄金供应链的多个环节建立敞口，而不仅仅是购买放在金库中的金条。 2) In the past several months, Tether, long known as the issuer of the leading stablecoin USDT, has quietly become one of the largest private gold holders in the world. Fahad Tariq and Andrew Moss, equity analysts at Jefferies, recently published a report on Tether’s growing influence in the gold market. Jefferies quantifies Tether’s holdings at 116 tonnes (valued at roughly US$14 billion) and states its purchases comprised ~2% of global gold demand and ~12% of central bank buying. This corresponds to a gold position that is in the order of magnitude of the holdings of smaller central banks such as South Korea, Hungary or Greece (each holding around 100-115 tonnes of gold). A small portion of these holdings, about 12 tons, directly underpins the gold-backed token Tether Gold (XAUt). Jefferies suggests that Tether sees bullion as a structural asset: using profits and stable-coin revenue to build a long-term store of value, and even exploring investments in gold royalty and streaming companies, thus gaining exposure across the gold supply chain, not just to bars in vaults.