According to a statement made by cryptocurrency tracking platform Arkham, a cryptocurrency wallet holds a very high amount of gold on-chain.
According to the data, the cryptocurrency wallet in question holds over $250 million worth of Tether Gold (XAUT). Tether Gold is known as a cryptocurrency whose price is indexed to the ounce price of gold, similar to Tether which is indexed to the dollar, and is also controlled by Tether.
It is reported that the amount of on-chain gold held by this wallet corresponds to 3 tons of physical gold. Tether says that Tether Gold is collateralized one-to-one as physical gold at their own centers.
The giant cryptocurrency wallet reportedly belongs to a DeFi platform called Rhino.fi.
Interestingly, as global gold prices have skyrocketed in recent months, the value of the assets in this cryptocurrency wallet has also increased. Since the on-chain gold was moved to this wallet, the value of these assets has increased by a whopping $90 million.
*This is not investment advice.
