Tether Adds 27 Tons of Gold to Reserves in Fourth Quarter

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Tether, the issuer of the world’s largest stablecoin, said it added about 27 metric tons of gold to its fund exposure in the fourth quarter of 2025, broadly in line with its estimated third-quarter purchases.

The accumulation comes amid a powerful rally in gold prices. Gold has risen 18% year-to-date after gaining 64% in 2025, breaking through multiple psychological milestones, including $3,000 per ounce in March, $4,000 in October and $5,000 on Monday. The surge has been driven by strong investment flows, central bank buying and retail demand as global geopolitical tensions persist.

Tether has emerged as a notable source of gold demand due to the pace at which it has expanded reserves backing its digital assets. The company issues the USDT stablecoin, which has about $187 billion worth of tokens in circulation, and the gold-backed XAUT token, valued at roughly $2.7 billion.

Each USDT token is designed to represent one U.S. dollar held in reserve, backed by assets such as U.S. Treasury bills and gold. Tether’s XAUT token is fully backed by physical gold. According to the company, it held 16.2 tons of gold to support XAUT at the end of December, accounting for about 60% of the global gold-backed stablecoin supply.

“We are operating at a scale that now places the Tether Gold Investment Fund alongside sovereign gold holders, and that carries real responsibility,” said Paolo Ardoino in a statement.

For comparison, Poland’s central bank, the most active reported buyer among central banks, increased its gold reserves by 35 tons in the fourth quarter to a total of 550 tons. Tether did not disclose the total amount of gold it holds in Switzerland across its products.

Tether’s most recent publicly available audit of USDT reserves showed gold holdings worth $12.9 billion as of the end of September, equivalent to about 104 tons at then-prevailing prices. Despite the increase, gold represented only around 7% of USDT reserves at that time, with U.S. Treasuries remaining the dominant asset.

Meta, TikTok and YouTube Face Trial Over Youth Addiction Claims

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Meta Platforms, TikTok and YouTube will stand trial in California this week over allegations that their platforms contributed to youth addiction and mental health harm, marking a pivotal moment in long-running legal battles against Big Tech. The case, being heard in Los Angeles County Superior Court, is widely seen as a test for thousands of similar lawsuits filed across the United States.

The plaintiff, a 19-year-old California woman identified as K.G.M., alleges that she became addicted to social media at a young age due to design features intended to maximize user engagement. According to court filings, she says prolonged exposure to these platforms worsened her depression and contributed to suicidal thoughts. Jury selection is set to begin on Tuesday.

The lawsuit names Meta Platforms, TikTok and YouTube as defendants. K.G.M.’s legal team argues the companies should be held responsible not for user-generated content, but for product designs they say intentionally encourage compulsive use among minors.

The trial challenges a decades-old legal shield that has largely protected social media companies from liability. A federal law has historically exempted platforms from responsibility for content posted by users, and the companies argue that protection applies in this case. A verdict against them could weaken that defense and open the door to broader accountability, potentially pushing the issue toward the U.S. Supreme Court.

Mark Zuckerberg is expected to testify, with Meta arguing its products did not cause the plaintiff’s mental health struggles. TikTok declined to comment on its legal strategy, while YouTube has said its platform differs fundamentally from social media apps and should not be treated the same way.

Snap was also named in the lawsuit, but Snap agreed to settle with the plaintiff in January. The company has not disclosed details of the agreement.

As the trial unfolds, the tech firms are simultaneously promoting safety tools and parental controls aimed at teens. Critics say these efforts risk confusing parents and deflecting attention from deeper design concerns.

The outcome of the case could shape future litigation and redefine how courts assess responsibility for digital products used by children.

Drugmakers Turn to AI to Speed Trials and Submissions

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Pharmaceutical companies are increasingly using artificial intelligence to accelerate clinical trials and regulatory submissions, even as AI has yet to deliver major breakthroughs in discovering new drugs. Industry executives say the technology is already saving weeks by automating participant recruitment, site selection, and the preparation of vast regulatory documentation.

Executives from major drugmakers including Eli Lilly, AstraZeneca, Roche, and Pfizer said at the JP Morgan Healthcare Conference that AI tools are helping manage thousands of pages of clinical, safety, and manufacturing records required by regulators worldwide.

Drug development can take more than a decade and cost around $2 billion. Companies are betting that AI can improve efficiency and success rates by handling what executives call the “messy middle” of development. Consultancy McKinsey estimates that autonomous, or agentic, AI could lift clinical development productivity by up to 45% over the next five years.

Israeli drugmaker Teva Pharmaceutical Industries said it is using AI to streamline processes so researchers can focus on bringing new medicines to market. Meanwhile, Novartis used AI to cut site selection for a large cardiovascular trial from weeks to hours, helping it hit enrollment targets with minimal overshoot.

Other companies are also reporting tangible savings. GSK said digital and AI tools helped reduce late-stage trial costs by millions of pounds, while Denmark’s Genmab plans to deploy AI agents to automate post-trial analysis and reporting.

While investors are still waiting for the first fully AI-designed blockbuster drug, executives say the technology is already reshaping how trials are run and how data is submitted. Amgen’s research chief said many AI-designed molecules are already moving through pipelines, suggesting the biggest impact may still lie ahead.