Tether, the company behind the biggest stablecoin, just made a big move into the gold market. They’ve invested a hefty $89 million in Elemental Altus, a Canadian precious metals royalty company.
A Significant Stake
This investment involved buying over 78 million shares, giving Tether about 33.7% ownership of Elemental Altus. That makes them one of the company’s top investors. Elemental Altus’s CEO, Frederick Bell, is thrilled about Tether’s involvement, seeing it as a major boost for the company’s growth.
Tether’s Gold Strategy
Tether’s CEO, Paolo Ardoino, explained the investment as a strategic move to strengthen their position in the gold market. He highlighted Elemental Altus’s royalty model, which provides exposure to gold production globally. This aligns perfectly with Tether’s plans for Tether Gold and their broader vision for commodity-backed digital assets. Essentially, they’re betting big on gold’s role in the future of finance.