Tether Gold Holdings Approach 150 Tonnes After 27-Tonne Buying Spree

Tether International’s physical gold holdings have climbed to approximately 150 tonnes after the USDT issuer purchased 27.1 tonnes during the first half of 2026, extending an accumulation strategy that increasingly resembles sovereign reserve buying.

The latest figure updates the more than 146 tonnes disclosed with Tether’s second-quarter results on July 31. Tether added 14 tonnes during Q2 alone after building its bullion position aggressively through the second half of 2025 and early 2026.

The company’s buying averaged roughly 4.5 tonnes per month during the first half.

Tether Ranks Alongside The Largest Central-Bank Gold Buyers

If Tether International were included in sovereign rankings, its approximately 150 tonnes of physical gold would place it behind Poland and China but ahead of Kazakhstan based on the latest comparable central-bank data.

Tether’s 27.1-tonne first-half accumulation also exceeded the purchases of most individual central banks. World Gold Council figures put Poland at 64 tonnes through May, Uzbekistan at 33 tonnes, China at 25 tonnes and Kazakhstan at 20 tonnes.

The expansion continues an accumulation strategy that had already turned Tether into one of the gold market’s largest non-sovereign buyers by the end of 2025.

CEO Paolo Ardoino has identified physical gold and Bitcoin as long-term reserve assets alongside Tether’s dominant U.S. Treasury exposure. He previously targeted roughly 10% of the company’s investment portfolio for Bitcoin and 10% to 15% for gold.

Q2 Profit Reaches $1.5 Billion

Tether generated approximately $1.5 billion in net operating profit during Q2, led by returns from U.S. Treasuries and repo positions.

Assets totaled $187.75 billion on June 30 against $183.64 billion of liabilities, leaving a $4.11 billion reserve surplus. Digital-token liabilities accounted for $183.62 billion, while USDT issuance stood near $184.6 billion.

Physical precious metals held inside Tether International’s reserves were valued at $18.84 billion at quarter-end. Bitcoin accounted for another $5.80 billion, while secured loans fell by $2.38 billion during the quarter.

The balance-sheet expansion follows Tether’s earlier push to build gold alongside its Bitcoin reserves, rather than relying exclusively on Treasury income.

XAUT Remains Separate From Tether’s Reserve Gold

Tether Gold operates through TG Commodities and maintains a separate pool of physical bullion backing XAU₮. That reserve remained at 707,747 fine troy ounces, or approximately 22.01 tonnes, throughout Q2.

Customer ownership increased 9.5% during the quarter as 53,225 additional XAU₮ moved into circulation, even while gold fell 14.1%. XAU₮ ended June with approximately $2.84 billion in market value.

Tether has meanwhile narrowed its broader gold-linked product lineup. The company stopped new aUSD₮ minting and began winding down the Alloy platform in June, giving existing users until September 17 to return aUSD₮ and recover their XAU₮ collateral. XAU₮ itself remains active and is not being discontinued.