In short: Flament: the eurodollar parallel in today's form. "Tether is a perfect example of that… as long as they have actually a digital wallet they can have dollars in their pocket and that's also an outsourcing of the dollar." Letting the dollar "flow" lets the US "dictate the rules."
Tether issues USDT, the largest dollar stablecoin, used heavily outside the US. Flament uses it to update an old idea. After 1971, dollars spread abroad as "eurodollars" (dollars held and lent outside the US banking system) and "petrodollars" (oil revenue recycled into dollar assets). The dollar got stronger because it was everywhere, even though Washington didn't directly control those balances.
Tether does the same thing with a phone. Anyone with a digital wallet "can have dollars in their pocket," which she calls "an outsourcing of the dollar." Her conclusion is that letting the dollar flow freely extends US influence rather than weakening it. Tether is private, so there is nothing to buy. It is an example, not a pick.
34:24okay if two counterparties are outside of the US and they need to have dollars where there are actually exchanges that are made but it's not dollars that are directly controlled from the US and the Fed and actually I think there's such a strong parallel with what we are seeing today for example with stablecoins. Tether is a perfect example of that. There are people everywhere in the world, as long as they have actually a digital wallet they can have dollars in their pocket and that's also an outsourcing of the dollar and I
In short: "Tether's the biggest one. I don't know what's going to happen with Tether… they're going to try to raise money." Its economics are the model for the whole thesis: "Tether's got like 180 billion… let's say they buy T-bills for 3.8% and they make like 7 billion dollars a year… for doing nothing." It has "always [been] a little bit on the edge."
Tether issues USDT, the largest stablecoin. It started as the way crypto traders moved money quickly between exchanges, because banks and wire transfers were too slow.
Tucker uses it to show how profitable the business is. Hold about $180 billion of customer dollars in T-bills paying about 3.8% and you earn roughly $7 billion a year "for doing nothing except for issuing you a stablecoin."
He is noncommittal on Tether itself. It has "always [been] a little bit on the edge," it is trying to raise money, and "I don't know what's going to happen with Tether," as better-connected US players move in. It is private, so there is no stock to buy.
7:02that's just sitting there and they can invest this money. So let's say they buy T-bills for 3.8% and they make like 7 billion dollars a year. 7 billion dollars a year for doing nothing except for issuing you a stablecoin so that you can trade in and around these different systems which by the way you will do because Wells Fargo will tell you you can't pay your mortgage unless you use OpenUSD coin.
In short: Vector 6 in the flesh: "Tether has become a really significant buyer in the market over the last couple of quarters," storing physical gold outside the banking system in Swiss mountain vaults (the report carries an exclusive interview with Juan Sartori, head of special projects). Important, but "not going to be a major driver of this gold bull market."
Tether issues USDT, the largest "stablecoin" — a digital token meant to be worth one dollar, backed by real assets. Stöferle's interest is that Tether has become a genuinely significant buyer of physical gold over the last few quarters, storing bars outside the banking system in Swiss mountain vaults. His report carries an exclusive interview with the executive running those purchases.
The irony the host points out: Tether is sold to Washington as a machine that creates demand for US government debt, and it is taking some of that money and converting it into gold instead.
His measured conclusion: it's a real driver but not the main one. Tokenized gold "doesn't replace gold, it repackages it" — or better, "mobilizes" it — and the whole token market is only $6–7 billion.
1:09:49So for me it's not really a big trend. I think that tokenized gold — there is an audience for that but it's not going to be the major driver going forward. What is interesting is the physical demand coming from Tether. We've got an exclusive interview with Juan Sartori from Tether, head of special projects.
In short: The incumbent in the use case Worthington says Circle can grow into near-term: "people in foreign countries don't trust their currencies, having a digital dollar that they can use in their wallet to pay for things and to store value, that makes sense. That's largely dominated by Tether. But USDC and Circle has a presence there as well."
42:37So, we mentioned dollarization and how people in foreign countries don't trust their currencies, having a digital dollar that they can use in their wallet to pay for things and to store value, that makes sense. That's largely dominated by Tether. But USDC and Circle has a presence there as well.
In short: The largest creator of stablecoins (Circle is #2) — named as the incumbent leader as the payments consortium moves into the space.
3:12Circle was down 17.5% that day because a consortion of companies including Stripe, Visa, Mastercard, Coinbase, and Black Rockck unveiled their own stable coin and stable coin ecosystem. The importance of having Visa and Mastercard as part of this consortium cannot be overstated. For a deeper dive, take a look at our episode on January 26, 2026 with Ken Sahausski, the payments analyst at Autonomous Research.
In short: The center of his "proxy accumulator" theory: stablecoin issuers keep the (non-transferable) Treasury interest and buy gold; he speculates — "no proof" — that Tether could be quietly buying gold and selling it to the US Treasury, keeping the government's name out of the open market. They've bought more gold three years running than anyone but the Bank of Poland.
Tether issues the largest "stablecoin" (USDT), a digital token pegged to the dollar and backed mostly by US Treasury bills. Those T-bills throw off interest that Tether keeps, and Schectman notes the firm has been one of the world's biggest gold buyers — three years running, behind only the Bank of Poland.
From there he spins a theory he's careful to label speculation with "no proof": that the US government could be quietly using a private fintech like Tether as a stand-in buyer — letting the official paper price stay low while the proxy scoops up gold and hands it to the Treasury, keeping the government's name out of the open market. True or not, the underlying fact he's pointing at is real: stablecoin profits are being recycled into gold, which is a new, Western source of gold demand.
25:18Here's what you're going to do. You're going to sell that gold that you continue to buy with the interest to the U.S. Treasury, quietly. So now you have a proxy bank or a proxy institution, a fintech company, running proxy for the US government to keep their name out of the open gold market, buying gold on behalf of the US government.
In short: Buying "a jaw-dropping amount of gold" (~5 tons) plus a gold-backed stablecoin, held in Switzerland — a driver of the record US gold exports / monetary "reordering."
Tether issues the largest "stablecoin" — a digital token meant to hold a steady value, backed by reserves. McDonald met its founders and notes it's buying "a jaw-dropping amount of gold" (around 5 tons), plus running a separate gold-backed coin, all held in Switzerland.
He raises it as evidence of a bigger monetary shift: gold has become the top U.S. export (heading to Switzerland and China), and big players like Tether hoarding physical gold are part of that "reordering" of the financial system toward hard assets.
29:47so, they own gold in a part and they own in Switzerland. Plus, they have another gold-backed stablecoin. And so, they got the Tether and then they have the gold-backed stablecoin. All that's in Switzerland. Tether's buying like a jaw-dropping amount of gold, right? I think they're at 5 tons.
In short: Reference / catalyst — "the old nemesis of this newsletter" (still no audit), but its $150M GOLD share purchase (~10% stake) is "perhaps the most bullish recent development": Tether is seeking hard-asset backing and plans a US gold-backed stablecoin (it already runs the world's largest gold stablecoin), making it a future big customer of GOLD's storage/logistics. The world's largest non-central-bank holder of gold bullion. Gold's volatility still strikes Haymaker as "improper collateral for a stablecoin… but that's Tether's problem, not GOLD's."
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.