Tether Co‑Founder Warns on AUM‑Based Crypto Structures as Tether Invests $150M in Gold.com

William Quigley, co‑founder of Tether, said on Bloomberg's "The Close" that recent Bitcoin and crypto pullbacks have raised questions about the sustainability of publicly traded crypto asset managers and entities operating a "Treasury model," and that he has long been skeptical of specialized AUM‑based vehicles holding Bitcoin ^[1].

Separately, Tether announced a roughly $150 million investment to acquire about a 12% stake in Gold.com, a move the company said is intended to broaden global access to tokenized and physical gold and to link Tether’s gold‑backed token to broader distribution channels ^[2][3][6].

Reports note the investment comes as tokenized gold markets have grown — Tether’s XAU₮ has surpassed $2.4 billion in one account of market size — and the deal is being framed as a way to let buyers use Tether stablecoins to purchase bullion and expand tokenized‑gold distribution amid recent market stress ^[2][3][5].

Quigley’s remarks focus scrutiny on asset‑management and treasury models in crypto, while Tether’s strategic purchase of a stake in Gold.com signals a parallel corporate shift toward tokenized and physical gold markets ^[1][3].