Tether's Gold Buying, US Debt Holdings Fuel UK Crypto Policy Questions

The crypto firm Tether, which issues the USDT stablecoin, was the world's largest purchaser of gold last year, buying more than any country according to European Central Bank data. It also holds roughly $135 billion of U.S. government debt, an amount comparable to the holdings of several G20 nations, and stores its gold in a former Swiss nuclear bunker.

Christopher Harborne, who owns about 13 % of Tether, donated a total of £15 million to Nigel Farage's Reform UK party – £9 million in August, £3 million in October and another £3 million in January – plus a previously undisclosed £5 million personal gift to Farage. Both donor and party claim the contributions were unconditional.

Farage raised broader cryptocurrency‑regulation issues with Bank of England Governor Andrew Bailey in September. Bailey confirmed the discussion but said it did not alter the Bank's policy on proposed limits for sterling‑backed stablecoins. The timing of Harborne’s donations and Tether’s rapid growth, including a potential $500 billion valuation, has prompted calls for greater transparency, though no evidence has been found that UK policy was directly shaped by the gifts.