Author: Conflux

In late January, in Shenzhen's Shuibei, a gold platform named "Jie Wo Rui" collapsed.

Tens of thousands of users crowded into a mini-program to queue for withdrawals. Even with a limit of a maximum withdrawal of 500 yuan or 1 gram of gold per day, many applications were still rejected. Some had over 900,000 yuan in principal and hundreds of grams of gold in their accounts but couldn't withdraw a single penny. The platform claimed that assets had not been transferred and was "coordinating a solution," but the proposed redemption plan was: a one-time payout at 20% of the principal or a 40% payout spread over 12 installments.

This is a standard scene of a collapse in private finance.

However, on the other side of the world, a "gold giant" from the crypto world is quietly expanding.

According to Tether CEO Paolo Ardoino, Tether has accumulated nearly 140 tons of gold. Its scale has entered the ranks of the top 30 gold holders globally, surpassing the official reserves of countries like Greece and Qatar.

On the surface, Jie Wo Rui and Tether are doing the same thing—building credit with gold. But they are heading towards two completely opposite endpoints.

40 Times Leverage Breaks

The real problem with Jie Wo Rui lies in turning gold into a high-leverage betting tool.

In the so-called "pre-set price trading," users only need to pay a deposit of a few dozen yuan to lock in the buying and selling price of 1 gram of gold; if the price rises, they pay the remaining amount at maturity; if the price falls, the platform repurchases at the agreed price.

This is not spot trading but an invisible options market opposing retail investors and the platform. When users make money, the platform covers the price difference; when users lose money, the platform keeps the margin.

When precious metal prices surged in 2025-2026, many retail investors were in profit, while the platform lacked verifiable hedging and reserves, causing risks to pile up directly on its balance sheet.

The higher the gold price rises, the harder it is to maintain this system, which is also the fundamental reason for the run on the platform when the market was hottest.

Contrasting Leaders

Also dealing in "gold certificates," Tether's issued gold stablecoin Tether Gold (XAUT) employs a completely different financial structure:

• Each XAUT corresponds to 1 ounce of physical gold
• The supply is strictly 1:1 with gold reserves

It is not a leveraged product, not a pre-set price, and certainly not a bet.

By the end of Q4 2025, XAUT's market share among all gold stablecoins had exceeded half, with a total holding of physical gold reaching 520,089.350 ounces and a total market value surpassing 2.2 billion dollars.

Meanwhile, Tether continues to expand its gold allocation within its overall reserve structure. The total amount of physical gold is now close to 140 tons, with plans to continue increasing its holdings.

This means it is not using gold to support a high-leverage trading platform but incorporating gold into its balance sheet as a long-term holding as part of its stablecoin system.

In the context of heightened global geopolitical instability and the frequent weaponization of the dollar financial system, the significance of physical gold has changed: it is no longer just a safe-haven asset but a cornerstone of cross-system credit. Tether is using gold to build a "sanctions-resistant" trust fortress for its dollar stablecoin USDT and the entire crypto ecosystem.

The Same Gold Price, Two Destinies

In early 2026, precious metal prices surged significantly.

For Jie Wo Rui, which relies on centralized credit, opaque funds, and unclear reserves, this is a disaster. But for Tether, it is quite the opposite. Because it holds physical gold—when gold prices rise, its balance sheet automatically thickens.

As gold prices soar, Tether has realized over 5 billion dollars in appreciation on its gold holdings, with the value of its gold reserves exceeding 23.3 billion dollars. Tether even plans to purchase 1 to 2 tons of gold weekly in the coming months and has hired senior traders from HSBC to actively trade and capture arbitrage opportunities.

Both dealing in "gold + certificates," one collapses in a run, while the other grows in the market.

When precious metal prices fluctuate violently, what is truly tested is not "who has higher returns," but whose structure can better withstand the shock.

The collapse of Jie Wo Rui is a lament for the gray areas of traditional finance. In contrast, the rise of Tether Gold points to the future direction of gold investment in the digital age.

In today's world of increasing uncertainty, "digital gold bars," with their transparency, verifiability, and resistance to censorship, are becoming a highly potential "value fortress" outside the traditional gold and fiat currency systems.

This article is for reference only and does not constitute investment advice. The market has risks; investment requires caution.

Related reading: The Hidden Players Behind the Surge in Gold Prices: This Cryptocurrency Institution Making Billions Annually Has Hoarded 140 Tons of Gold.

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