Looking at Jefferies' latest report, Tether's gold reserves have surpassed 23 billion USD. In other words, the cryptocurrency platform has accumulated enough gold to outpace many nation-states. Imagine that—such a reserve structure is truly an interesting development. Tether's aggressive gold purchasing strategy is quite different from traditional financial institutions' moves. These figures in USD demonstrate how seriously the physical assets backing the stablecoin are taken. In the crypto sector, accumulating such reserves can be seen as a new way to build trust in the market.