Tether has quietly set a record in global gold markets. According to Bloomberg, the company now holds over 140 tons of gold worth nearly $24 billion, making it the largest known private holder outside of banks and governments. This marks the firm's evolution from a crypto issuer into a serious financial power.
Gold Stored in Swiss Nuclear-Grade Vaults
The gold is kept in highly secure Swiss bunkers designed to protect national assets. These reserves back Tether's gold-backed token XAUt, which has a market cap exceeding $4 billion, and also strengthen the broader reserve structure backing USDT, now above $187 billion. BDO audits confirm total reserves exceed USDT's circulating supply.
CEO Aims to Become 'Gold Central Bank'
Tether started buying gold aggressively in 2025, adding over 70 tons in one year — at times purchasing 1–2 tons per week. In Q4 2025 alone, it bought 27 tons, making Tether the largest XAUUSD buyer globally, surpassing even some central banks. CEO Paolo Ardoino has stated the firm's ambition to become a “gold central bank” in a world where trust in fiat weakens. Bitwise CIO Matt Hougan asked: “Who’s the central bank now?” The scale of Tether's reserves provides a clear answer.
XAUt Dominates Gold-Backed Stablecoin Market
XAUt now commands more than 50% of the entire gold-backed stablecoin market. Each token is backed by physical gold stored in Swiss vaults. With gold prices recently crossing $5,000 per ounce, demand for XAU-linked crypto assets has surged as investors prefer digital access over physical storage.
$5.2B Revenue in 2025 Funds Continued Buying
Tether earned $5.2 billion in revenue in 2025, representing 41.9% of the entire crypto industry's revenue, per CoinGecko. This cash flow allows the firm to keep expanding gold holdings without harming liquidity. Profits from 2025 will continue funding future purchases. Gold is becoming a core part of Tether's long-term financial identity.
USAt Launch Expands Regulated Dollar Stablecoin Reach
Tether also recently launched USAt, a fully regulated dollar stablecoin for the U.S. market under the GENIUS Act framework. Issued by Anchorage Digital Bank and backed by reserves custodied by Cantor Fitzgerald, USAt will be listed on Kraken, Bybit, OKX, Crypto.com, and MoonPay. This move shows Tether expanding into both regulated dollar assets and massive physical gold ownership simultaneously.