Get to know Tether again

Author: Ksan Kai; Source: X, @kaikaibtc

Tether, in fact, from the beginning of the industry, many people have been calling it short, thinking that it will collapse sooner or later. It is just a matter of time.The reason is that USDT is almost always issued additionally and does not have so much reserves to support it.

But I watched USDT grow from a few hundred million dollars to a country as rich as 185.5 billion today.Overwhelmed by FUD (Fear, Uncertainty and Doubt), but Tether is only getting stronger.

But recently, something seems to be wrong with Tether.

A series of recent actions – from holding 116 tons of gold, to getting involved in commodity credit, to the upcoming launch of its own public chain Stable – are sending a chilling signal: Tether is undergoing a terrifying “species evolution.”It is no longer content to be a porter of dollars. It is building a self-sufficient “parallel universe” that does not rely on the traditional financial system.

Today, let’s take a deep look at what Tether, this giant beast, wants to do.What impact will its fangs have on the entire stablecoin and even the crypto world?

True “central bank-grade” reserves: Gold and Bitcoin

In the past, when we questioned Tether, we asked “Do you have US dollars in your account?”.Now Tether just throws the ledger on the table and tells the world: I not only save US dollars, I am also hoarding “doomsday hard currency”.

According to the latest analysis report from Jefferies,Tether currently holds 116 tons of physical gold.

What is this concept?This amount of reserves can already rank at the forefront of the world’s sovereign central banks.Comparable with central bank gold reserves of South Korea, Hungary and Greece.What’s even more exaggerated is that nearly 2% of global gold demand and 12% of central bank gold purchases last quarter came from Tether.There are even rumors in the market that with the estimated profit of US$15 billion this year, Tether plans to purchase another 100 tons of gold in 2025.

Coupled with its publicly held Bitcoin reserves, Tether is quietly shifting its balance sheet from a single “USD credit derivative” to a “gold + Bitcoin” hybrid standard.It is preparing its own “central bank reserves” in advance for the future “de-dollarization” world.

Not only “printing money”, but also building a Stable public chain

If hoarding gold is like being a central bank, then launching the Stable public chain is Tether’s attempt to get rid of “outsiders” such as Ethereum and Tron.A declaration of war on dependence.

latest news,The Stable mainnet, a public chain that Tether participated in launching, will be officially launched on December 8.This is not just a new chain, it is the “Declaration of Independence” of the Tether ecosystem.

1. Native integration: When transferring USDT in the future, you no longer need to look at the congestion of Ethereum, nor do you need to worry about the various disturbances in Tron.

2. economic model: The initial token allocation has been decided, which means that Tether will have its own settlement layer.

With its own currency (USDT/XAUt), its own settlement channel (Stable Chain), and the censorship-resistant communication software Keet it previously invested in, Tether is building aEnd-to-end digital economic closed loop.

Stablecoin market data (Source: DeFiLlma)

From “Commodity” to “RWA”

Tether’s tentacles are extending crazily into the deepest reaches of traditional finance, trying to become a “shadow bank” in the real world.

1. Commodity trade finance (the new money printing press):

Tether announced that it has deployed US$1.5 billion in credit to the commodities sector for transaction financing in oil, cotton, and wheat.Traditional banks have shrunk this business due to compliance, and Tether rushed in with nearly 200 billion in liquidity.This means that USDT is changing from a “currency speculation tool” to a “settlement currency” for international bulk trade.

2. RWA and Compliance Ambition (Hadron Platform):

Tether launched Hadron, an asset tokenization platform, and quickly reached cooperation with compliance data company Crystal Intelligence and asset management giant #KraneShares.What it wants to do is to tokenize all stocks, bonds, and funds.

3. Lending Empire (Invest in Ledn):

Just in the past few days, Tether strategically invested in the Bitcoin mortgage platform Ledn.In Tether’s view, Bitcoin is not only a reserve, but also the core of future collateral.

Compliance Program

Tether not only wants to be king in the gray area, but also wants to “whitewash” in the white world.

Faced with the compliance challenge of Circle (USDC), Tether made a subtle move:Dual-track parallel.

USDT: Continue to dominate the global offshore market, serving Asia, Africa, Latin America, Eastern Europe, and the commodity trade just mentioned.You don’t need much US regulation here, just liquidity.

USAT: Tether hired a former White House adviser, supported a pro-crypto PAC, joined forces with Wall Street giant Cantor Fitzgerald, and may even be issued through the Hadron platform.

This is Tether’s conspiracy:Use the huge profits earned from USDT to support a compliant USAT to complete the “Normandy landing” on the U.S. domestic market..

Conclusion: Redefining Tether

Put all the puzzle pieces together (gold reserves, self-built public chains, trade finance, compliance platforms), and you will find that we must completely refresh our understanding of Tether.

It is no longer the “reckless hero” who wanders in the gray area and makes money by eating interest.

1. it’s like a central bank: Holds 116 tons of gold, with reserves comparable to South Korea.

2. it’s like a commercial bank: Providing $1.5 billion in trade financing and investing in Ledn lending.

3. it’s like tech giants: Developing Keet Communications, QVAC AI, and even launching its own public chain on December 8.

For the industry, Tether’s power is both a protective umbrella and the Sword of Damocles.The status of USDT is indestructible in the short term, and with the launch of the Stable mainnet and the launch of RWA business, Tether is gradually drawing the entire encryption industry, and even some traditional finance, into its gravitational sphere.