Stablecoin issuer Tether accumulated some 140 tons of gold valued at roughly $24 billion, establishing the stablecoin issuer as one of the largest holders of bullion worldwide, according to a Bloomberg interview published Wednesday.
The company is currently purchasing between one and two tons of the metal per week to bolster its reserves and back its gold-linked cryptocurrency, per Bloomberg.
Gold recently surpassed $5,000 per ounce, a record price. The shiny yellow metal has outpaced almost all assets since the start of the year, up 15% since January 1. Bitcoin, on the other hand, continues to languish some 30% below its all time high set in October 2025.
Tether purchased over 70 tons of gold in the last year alone, exceeding the reported acquisitions of every central bank globally except Poland, Bloomberg says. Jefferies analysts told Bloomberg that Tether is a “significant new buyer” contributing to the recent 65% rally in gold prices. The hoard represents the largest known holding outside of central banks and major exchange-traded funds.
CEO Paolo Ardoino described the strategy to Bloomberg as functioning like a “gold central bank.” Tether aims to diversify profits from its USDT stablecoin away from U.S. government debt into physical assets that represent “no one’s debt.” Ardoino predicted that geopolitical rivals to Washington will eventually launch a gold-backed alternative to the dollar.
The firm stores its bullion in a former nuclear bunker in the Swiss Alps, per Bloomberg. Tether hired two senior gold traders from HSBC to manage its trading desk. Ardoino told Bloomberg the goal is to build “the best trading floor for gold in the world” to compete with banks like JPMorgan and HSBC.
Tether also plans to trade the metal rather than solely holding it, targeting arbitrage opportunities where futures prices diverge from physical metal costs according to Bloomberg. The company also acquired stakes in royalty companies such as Elemental Royalty and Gold Royalty to capture mining revenue streams.
Ardoino expects circulation of the company’s XAUT gold token to reach between $5 billion and $10 billion soon per Bloomberg. S&P Global Ratings recently downgraded USDT to “weak” due to the increased risk of holding volatile assets like gold and Bitcoin.
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