In an X post, Kobeissi Letter noted that Tether’s gold holdings hit a record $12.9 billion in September, equal to 104 tons of actual gold. The value has more than doubled since the start of the year.

If Tether were a publicly traded company, it would rank among the 20 largest companies in the United States. Tether made more than $13 billion in profit last year, and is exploring new ways to invest ...