Tether accounted for almost 2% of global gold demand last quarter, with Jefferies noting that its aggressive buying may be influencing short-term market sentiment. Stablecoin issuer Tether holds 116 tons of physical gold, placing it on par with central banks such as those in South Korea, Hungary and Greece. Tether is “the largest holder of gold outside central banks,” Jefferies wrote in a recent analysis, per a report by the Financial Times. The investment bank added that Tether’s growing appetite for gold may be playing a larger role in the metal’s recent surge than previously assumed. According to Jefferies, Tether’s gold purchases last quarter accounted for nearly 2% of total global gold demand and almost 12% of central bank purchases. The company said that Tether’s aggressive accumulation over the past two months “is likely to have tightened supply in the short term and influenced sentiment,” potentially driving speculative inflows into gold markets. Read more
The moves highlight growing uncertainty over whether crypto prediction markets are to be treated as finance or gambling. Update Jan. 20, 12:29 p.m. UTC: This article has been updated to include a paragraph on the details surrounding Portugal’s ban on Polymarket. Hungary and Portugal have taken steps to restrict access to the crypto-based prediction market Polymarket, adding to mounting regulatory pressure on the platform across Europe. Hungary’s regulatory authority, Szabályozott Tevékenységek Felügyeleti Hatósága, has temporarily blocked access to Polymarket’s domain and subdomains, citing the “forbidden organization of gambling activities.” According to an official notice released Friday, the restriction will remain in place until the authority completes its review. Read more