Stablecoin Tether’s Investment ARM stable has bought a third party participation in Elemental Altus (ELE), an investment company of valuable metals listed, for 121.6 million Canadian dollars ($ 89.2 million).
Tether Investments aims to diversify assets that support its stablecoin USDT, the largest token of this type in the world with a market capitalization of $ 155 billion, developing Tuesday in tangible assets and precious metals, according to an announcement.
Tether acquired 78,421,780 ordinary elementary actions in Mancha Investments, a mining investment company based in Luxembourg.
Toronto elementary actions increased by almost 23% to $ 1.77 CA ($ 1.30) after the announcement. They closed $ 1.53 on Wednesday, 6.25% higher than before Tether’s investment. At the time of the press, Tether’s participation is worth nearly $ 88 million.
The CEO, Paolo Ardoino, said that the investment reflects its “confidence in the fundamental principles of gold and its critical role in the financial markets”.
“The Elemental royalty model provides a diversified exhibition for gold production in the world, strategically aligning with our vision of gold of gold and the infrastructure of digital assets supported by basic products,” he added.
Tether has described to increase his exposure to gold as a “double pillar strategy”, as well as his assets of more than 100,000 BTC (10.7 billion dollars).
With the regulation of stablecoins on the horizon in the United States, issuers such as Tether are preparing to ensure that the requirements comply with assets that support their tokens.
This could extend to the diversification of assets. JPMorgan suggested earlier this year that Tether may have to sell part of his BTC in order to comply with the proposed regulations.
Update (June 12, 14:12 UTC): Add the purchase price to the title, first paragraph.
