Tether, the world’s leading stablecoin issuer, holds roughly $4.8 billion of exposure to U.S. equity markets through 13 U.S.-listed companies, according to regulatory filings analyzed by crypto outlet Protos. These holdings, largely funded by profits and excess equity, span streaming, gold royalties, Bitcoin mining, satellites and Bitcoin treasuries, with results often described as disappointing. Tether owns 50.3% of Rumble, including warrants, while holding only 9.9% of voting rights, and has committed to $50 million a year as Rumble’s main advertising buyer. It is also a major shareholder in Twenty One Capital, whose stock has fallen 53% since its IPO, and holds stakes in Elemental Royalty, Versamet, Metalla, Gold Royalty, Gold.com, Aurelion, Antalpha, Bitdeer, Adecoagro, Satellogic, Stablecoin Development Corp and VCI Global, several of which have dropped 90% to 99%. Meanwhile, concerns over the opacity of USDT reserve management eased after the announcement in late August of a full independent audit conducted by KPMG.
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