Tether added more than six tons of gold in the first quarter of 2026, bringing total bullion reserves backing USDT to roughly 132 tons by March 31. The purchases, disclosed Friday, lifted the value of its gold reserves to approximately $19.8 billion during a period marked by sharp price swings in global gold markets.
Slower Q1 Accumulation
The pace of accumulation was noticeably lower than the previous quarter, when Tether acquired about 27 tons between October and December. Still, the latest addition extended a broader accumulation trend observed over the past year. The 132-ton figure represents reserves specifically backing the USDT stablecoin, up from 126 tons recorded at end-December.
Reserve Composition: Gold at 10%
Tether also detailed the broader reserve composition for USDT. As of March 31, tokens in circulation stood at $189.5 billion. U.S. Treasury Bills accounted for $117 billion, the largest single component. Gold represented about 10% of the total reserve pool, while Bitcoin holdings added another $7 billion. The mix reflects a strategy combining traditional safe-haven assets with digital assets.
XAUT Expansion and Total Holdings
Reserves for the gold-backed token XAUT also grew, with Tether holding 22 tons of gold for that product, up 6 tons from the prior quarter. Combined across both USDT and XAUT, Tether’s total gold holdings reached approximately 154 tons. This level would place the firm among the world’s top 20 gold holders when compared to central banks; Brazil, for instance, holds about 172 tons according to World Gold Council data.
CEO Paolo Ardoino had previously stated the company’s intention to allocate 10% to 15% of its investment portfolio to gold. However, internal efforts to actively manage gold trading operations faced challenges, according to sources familiar with the matter.