A significant shift in the landscape of cryptocurrency reserves has emerged following Tether’s bold move in September 2025. The company, known for issuing the widely-used stablecoin USDT, purchased nearly 26 tons of gold, positioning itself as one of the world’s largest private gold buyers. This momentous transaction has set Tether alongside central banks of nations such as Greece and Qatar in terms of gold reserves.
Shifting Dynamics in Cryptocurrency Reserves
Tether’s recent gold acquisition brings its total holdings to approximately 116 tons, a remarkable feat for a commercial entity operating outside traditional economic structures. Notably, only about 12 tons of this gold directly supports the tokenized gold variant, XAUT, while the rest serves as a physical asset backing Tether’s broader portfolio of investments.
Connecting Stablecoins with Tangible Assets
This purchase, which constitutes around 2% of global gold demand during that quarter, comes as part of Tether’s strategic diversification towards safer, real-world assets amidst ongoing global economic uncertainties. CEO Paolo Ardoino has consistently expressed the company’s commitment to investing in stable, tangible assets, ranging from gold to Bitcoin, as a means of shielding against volatility.
The Rise of Private Entities in Financial Markets
The sheer scale of Tether’s gold purchases has drawn comparisons to central banks, with some analysts referring to it as a “shadow central bank.” This label arises from its capacity to procure quantities of gold similarly reserved for governmental authorities, further tightening the physical gold market, which had seen soaring prices. For instance, countries like Turkey and Guatemala have reported gold purchases significantly lower than Tether’s single quarter acquisition.
Blending Traditional and Digital Assets
Beyond gold, Tether also holds a substantial Bitcoin inventory, exceeding 87,000 BTC, following a policy established in 2023 to invest up to 15% of profits into Bitcoin. This dual strategy enhances Tether’s ability to hedge against market risks through gold while simultaneously tapping into Bitcoin’s liquidity and growth potential.
Broader Implications for the Cryptocurrency Sector
This transition towards tangible assets signifies a pivotal change within the cryptocurrency arena. It raises questions regarding the future of USDT’s value and viability, as the increase in physical backing may reinforce investor confidence following years of scrutiny over the company’s transparency. Moreover, Tether’s growing influence signifies a move into the broader macroeconomic landscape and sets a precedent for other companies in the sector.
The market is now left wondering if this trend will inspire other entities to adopt a similar approach of integrating stablecoins with hard assets, further solidifying their position not just as speculative tools but also as stable, anchored resources in the financial ecosystem.
