In recent days, everyone has started to discuss the Tether gold reserve issue again. In fact, this matter had been lively for a while when the Genius Act and Circle went public in July. Although the gold price was also high at that time, it was in a relatively stable platform period, so it did not cause such a big discussion this time. And this time, the public opinion mainly focuses on "it seems like we suddenly realized that Tether is the largest single gold holder besides the central bank" and "Tether thunderstorms will bring down the gold price". However, by comparing data and analyzing Tether's balance sheet in depth, we will find that the fact is not so alarming. Market rumors suggest that Tether is the driving force behind the rise in gold prices, based on its holdings of 116 tons of gold. But if compared to the global gold market, this statement is untenable: Firstly, Tether's global market share is relatively small: although Tether purchased 26 tons of gold in the third quarter, which may seem huge, it only accounts for 2% of the total global gold demand. Describing it as the 'elephant in the room' that can completely dominate the market is obviously an exaggeration. Comparing central bank reserves: Media statements are often misleading. In fact, compared to the official reserves of the United States (8133 tons), Germany (3351 tons), and even China (2000+tons), Tether's 116 tons are only a drop in the bucket. But this scale is indeed comparable to the reserves of medium-sized central banks such as South Korea and Hungary The real driving force behind the significant rise in gold prices in the third quarter of this year is actually the inflow of funds from gold ETFs and macroeconomic factors, rather than the purchasing behavior of a single stablecoin company. Although USDT is not as compliant as USDC in the United States, Tether's planned launch of USAT is specifically designed for compliance in the US market and will completely divest its gold reserves. Looking at Tether's financial report, more than 60% of its reserve assets are US treasury bond bonds, which are extremely liquid assets. If there is a user run, Tether's first choice for selling is definitely US Treasury bonds, rather than relatively illiquid gold. Gold currently accounts for only 7% of Tether's total reserves. In contrast, the average proportion of gold allocation by global central banks is about 20%. This means that Tether, which to some extent plays the role of the central bank on the chain, not only does not "over match" gold, but is also in a "low match" state compared to traditional financial institutions. In addition to dispelling panic, we should also pay attention to Tether's innovation in gold tokenization. Although the XAUT issued by Tether currently has a scale of only 16 tons (about 2 billion US dollars), its potential is enormous. If RWA really develops significantly in the future, the demand for gold will indeed increase, and the financial market is often priced by marginal buyers. The new allocation force represented by Tether will indeed become a booster for the takeoff of gold prices. For Tether holding a huge amount of gold, the market should not feel panic. The real risk is not that Tether sells gold, but that if the RWA narrative is successful, traditional financial institutions may be forced to engage in a "gold fundraising war" with cryptocurrency giants in order to compete for pricing power on chain gold.