Tether Becomes Top Lender to US Gold Dealer With $1.5B Financing

Tether's move from stablecoin issuer to secured commodity financier is the real story here: it is now the dominant counterparty in a precious metals lease book, with equity in the same platform, which blurs the line between reserve diversification and related-party credit exposure. That concentration matters most for anyone tracking Tether's balance-sheet transparency and the gold market's private lending channels. Whether those payables and advances keep growing, and how the equity stake is treated alongside the leases, is the open question.