Stablecoin issuer Tether has quietly emerged as one of the world’s largest private holders of physical gold, with bullion reserves now estimated in the low tens of billions of dollars. Recent disclosures and market analyses indicate the company controls well over 100 tons of gold, primarily stored in Swiss vaults, as part of the backing for USDT and its gold-linked token.
The move marks a strategic shift in Tether’s reserve composition, diversifying away from an almost exclusive reliance on U.S. Treasuries and cash equivalents. By combining gold exposure with dollar assets, Tether aims to bolster confidence in its balance sheet while tapping growing demand for tokenized real-world commodities.
The scale of its purchases also makes Tether an increasingly important marginal buyer in the physical gold market, with potential implications for both bullion liquidity and stablecoin risk profiles.