The secretive crypto firm backed by Farage's biggest donor
Summary
Tether, a crypto company based in El Salvador, bought more gold last year than any other buyer, according to data from the European Central Bank. Tether also owns a large amount of U.S. government debt and acts like a private central bank, despite having only 200 employees. One of its main shareholders, Christopher Harborne, has donated large sums of money to Nigel Farage’s Reform party, raising questions about cryptocurrency regulation discussions between Farage and the Bank of England.Key Facts
- Tether runs USDT, the world’s largest stablecoin, which is a type of cryptocurrency backed by real money.
- Last year, Tether purchased more gold than countries like China, Japan, or Gulf states.
- The company stores its gold in a secure former nuclear bunker in Switzerland.
- Tether owns about $135 billion in U.S. government debt, more than South Korea.
- Christopher Harborne, a significant Tether shareholder, donated a total of £15 million to Nigel Farage’s Reform party.
- Farage met with Bank of England Governor Andrew Bailey to discuss cryptocurrency regulation in September 2023.
- There was lobbying to limit stablecoin holdings in the UK, which Farage opposed.
- Reform party’s crypto legislation draft mentioning stablecoins was removed from their website.
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