The secretive crypto firm backed by Farage's biggest donor
Tether, a major cryptocurrency firm, has become a massive holder of gold and US government debt, functioning similarly to a private central bank. The company is linked to Christopher Harborne, a significant donor to Nigel Farage's Reform UK party, raising questions about political funding and crypto regulation.
Why it matters
The intersection of opaque financial entities, political influence, and cryptocurrency regulation is a growing area of concern for global financial stability.
Image source, Reuters Image caption, Reform UK leader Nigel Farage
Economics editor Published 14 minutes ago Who is the biggest purchaser of the world's biggest safe haven asset - gold?
China? Japan? One of the Gulf countries, perhaps?
In fact, the single biggest buyer of the precious metal last year was a company you've probably never heard of – a crypto firm called Tether
The El Salvador-based company runs USDT, the world's biggest stablecoin, which is a form of crypto backed up by hard currency.
It serves as a conduit between riskier, volatile cryptocurrencies and the conventional finance system, essentially used as an offshore dollar.
Yet Tether bought more gold last year than anyone, according to European Central Bank data.
It keeps it stored in a James Bond-style Swiss former nuclear bunker, according to Tether's boss.
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