Crypto Market Update: Tether Amasses Massive Gold Reserve in Switzerland
Here’s a quick recap of the crypto landscape for Wednesday (January 28) as of 9:00 a.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ether price update
Bitcoin (BTC) was priced at US$88,867.96, up by 2.0 percent over 24 hours.
Bitcoin price performance, January 28, 2025.
Chart via TradingView
Ether (ETH) was priced at US$2,990.46, up by 3.7 percent over the last 24 hours.
Altcoin price update
- XRP (XRP) was priced at US$1.91, up by 2.3 percent over 24 hours.
- Solana (SOL) was trading at US$126.72, up by 2.9 percent over 24 hours.
Today’s crypto news to know
Tether amasses massive gold reserve in Switzerland
Tether has quietly built what its CEO describes as the world’s largest non-sovereign gold hoard, holding roughly 140 tons of bullion worth about US$23 billion in a high-security Swiss bunker.
In an interview with Bloomberg, CEO Paolo Ardoino said the company has been buying more than a ton of physical gold per week, a pace that places it among the most active buyers in the global bullion market.
Executives say the strategy is designed to harden Tether’s balance sheet and hedge against fiat currency risk, particularly for its flagship stablecoin USDT and its gold-backed token XAUT.
Bullion traders note that sustained, price-insensitive buying of this scale can tighten supply and affect liquidity, especially when central banks and ETFs are also accumulating.
Critics, however, warn that concentrating so much physical gold in a single private entity adds a new layer of systemic and transparency risk.
South Dakota revives Bitcoin push
A South Dakota lawmaker has reintroduced legislation that would allow the state to allocate up to 10 percent of certain public funds to Bitcoin, reviving a proposal that stalled last year.
Filed by Republican Representative Logan Manhart, the bill would permit exposure through direct holdings, regulated custodians, or approved exchange-traded products. It also sets out strict custody and security standards, including exclusive control of private keys, encrypted hardware storage, and regular audits.
The measure has cleared its first procedural hurdle and is now with the state’s Committee on Commerce and Energy.
Similar initiatives have gained traction elsewhere, with several US states exploring or adopting crypto reserve strategies.
Paypal survey: large enterprises lead crypto payments adoption
Crypto payments are moving closer to routine checkout, driven largely by big businesses, according to a new survey from PayPal (NASDAQ:PYPL) and the National Cryptocurrency Association.
The survey found that about 40 percent of U.S. merchants now accept cryptocurrency, rising to 50% among companies with more than US$500 million in annual revenue.
Merchants cited growing customer demand as the main driver, with most saying shoppers have asked about paying with crypto and expect to use it regularly.
Ease of use remains the key barrier: respondents said adoption would accelerate if crypto payments felt as simple as card transactions.
PayPal said this demand is shaping product design, as firms look to integrate crypto without disrupting existing checkout flows.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
