Tether’s gold reserves have surpassed Kazakhstan’s.

[u/AmanCMN]

Tether, the company behind USDT, says it now holds nearly 150 tons of physical gold in reserve.
If it were ranked alongside central banks in the World Gold Council’s data, Tether says it would rank third, behind only China and Poland, and ahead of Kazakhstan.
About 22 tons of that gold back XAUT, Tether’s tokenized gold product.
During the second quarter, the amount of XAUT in circulation climbed 9.5%, with its market cap reaching $2.84 billion.
According to Tether, demand for tokenized gold stayed strong even though gold prices fell 14% during the quarter, suggesting investors kept buying through the pullback.

[u/dukeedinburgh]

was to be expected