Tether’s Gold Ambition: How a Stablecoin Giant Is Trying to Act Like a “Gold Central Bank”

Key Points

• Tether says it added about 27 metric tons of gold in the last quarter of 2025, accelerating a buying spree that resembles an institutional program.
• Its gold footprint has two layers: XAUt tokens backed by bars and a much larger gold reserve position valued around $24 billion as prices climbed.
• With about $186–$187 billion of USDT circulating, Tether’s reserve profits are financing a push into gold trading and a tighter-regulated U.S.-focused stablecoin.

Tether built its empire on a simple promise: one digital token, one U.S. dollar. That promise turned USDT into a default settlement chip across crypto markets and, increasingly, a way to move and store value when confidence in local money weakens.

Now the company is trying to bolt something ancient onto that modern pipe: physical gold. In late January 2026, Tether said it added roughly 27 metric tons of gold exposure in the fourth quarter of 2025.

That is the kind of quarterly buying that most private firms do not even attempt, and it signals a strategy shift from “stablecoin issuer” to “macro balance sheet manager.”

Tether Expands Gold Backing And Ambitions

The company’s chief executive, Paolo Ardoino, has framed the ambition in sweeping terms, describing a goal to operate like a gold “central bank.”

With purchases discussed at one to two tons per week and plans to trade the metal more actively, including exploiting price gaps between physical bullion and paper markets.

The story behind the story is that Tether’s “gold” is not a single product. One slice supports XAUt, its tokenized gold, designed so each token represents physical gold held in custody and verifiable on-chain.

Reported figures put the gold backing XAUt at about 16.2 tons as of December 31, 2025, and XAUt was estimated to represent roughly 60% of the gold-backed stablecoin market.

But the bigger headline figure refers to a broader reserve stance. As gold prices rose, Tether’s overall gold position was estimated around $24 billion, putting it among the largest known bullion holders outside states, major ETFs, and banks.

Why it matters abroad is straightforward. USDT is already a cross-border money rail. If the issuer behind that rail tilts reserves toward gold and builds an active trading desk, it changes how risk, liquidity, and trust behave in a shock.

At the same time, Tether has signaled it wants a more rule-bound pathway too, launching a U.S.-focused stablecoin aimed at operating under tighter oversight.

Related coverage: Brazil’s Morning Call | Why JPMorgan Is Putting Fresh Money On Argentina Again This is part of The Rio Times’ daily coverage of Latin American news and financial markets.

This article was drafted with automated assistance and reviewed before publication. How we use AI · Report an error