Tether has become one of the leading holders of gold reserves

Tether's gold reserves

Tether—the issuer of the USDT stablecoin—has emerged as the largest private holder of physical gold outside of governments and central banks, according to a detailed report published by Bloomberg on January 27, 2026. This analysis, based on Tether's quarterly reserve reports, independent audits, and on-chain tracking of gold-backed tokens, estimates Tether's current gold holdings at approximately 78–82 tonnes—worth around $6.1–6.4 billion at current spot prices ($2,720–2,750 per ounce).

This puts Tether ahead of most private institutions , hedge funds, and individuals with extremely large assets in terms of physical gold ownership, ranking only behind major central banks ( US, Germany, Italy, France, Russia, China ) and a handful of sovereign wealth funds.

Tether began allocating physical gold in Q3 2022 as part of a strategy to diversify its reserves, reducing its reliance on cash and short-term Treasury bonds. The proportion of gold in its total reserves has steadily increased:

• 2022: ~2–3%

• 2023: ~5–7%

• 2024: ~10–12%

• Q4 2025: ~18–20% of total reserves (~$120–130 billion total)

The gold is primarily stored in tightly controlled vaults in Switzerland and the UAE (including Malca-Amit and Brinks), with monthly third-party certifications from the BDO and independent inspectors verifying the serial numbers, weight, and purity of the gold bars.

The gold standard remains dominant.

Gold has long been used as a hedge against inflation, currency devaluation, and geopolitical instability. For Tether, increasing its investment in gold achieves several goals simultaneously:

• Reduce reliance on assets based solely on fiat currency.

• Minimize systemic banking risks.

• Strengthen awareness of balance sheet resilience.

In an environment where trust is paramount, gold provides tangible, politically neutral collateral that complements Tether's existing portfolio of cash equivalents and government securities.

Strategic implications for USDT and Stablecoins

Tether's gold strategy could reshape how the market views stablecoin-backed assets. Traditionally, reliability has been tied to short-term government debt and cash-like instruments. By incorporating gold on a large scale, Tether introduces a hybrid reserve model – one that combines liquidity with long-term value preservation.

Although gold is less liquid than Treasury bills, its role is not trading but stabilization, aimed at enhancing confidence in long-term solvency rather than daily redemption cash flows.

Tether's rise as a major gold holder demonstrates that non-bank financial institutions are increasingly performing near-sovereign functions. In fact, Tether is managing reserves, hedging against macroeconomic risks, and providing a globally used payment asset – functions traditionally associated with central banks and large financial institutions.

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Compiled and analyzed by HCCVenture

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