Tether Buys 132 Tonnes Gold Worth $19.8B, Outbuying Fed ECB BoE

Tether has steadily increased its exposure to gold over the past year, and the scale is now difficult to overlook. Tether’s gold reserves reached 132 tonnes by the end of Q1 2026, valued at around $19.8 billion, according to its latest report. The move comes as the company continues to diversify USDT reserves. This backs about $190 billion in circulation and is beyond its dominant holdings in US Treasuries.

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Added 6 Tonnes Q1, Only Poland and China Bought More in 2025, JPMorgan Confirms

The firm added more than six tonnes of gold in the first quarter alone. This is a slower pace compared to late 2025, but still significant in the context of global demand. Over the past year, Tether accumulated more than 70 tonnes. This places it among the largest buyers outside sovereign institutions.

Gold now accounts for roughly 10% of USDT reserves. Meanwhile, US Treasuries remain the largest component, exceeding $100 billion. The firm reported more than $1 billion in profit in Q1, mostly because of these holdings. This shows a broader strategy to balance liquidity with longer-term store-of-value assets.

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Tether’s activity has also drawn attention because of how it compares with central bank gold buying. In 2025, only Poland purchased more gold than Tether, according to comments from JPMorgan’s metals research team. The bank noted that Tether’s demand has had a measurable, if limited, impact on prices.

Across the world, central banks continued to add to reserves last year. The total purchases are exceeding 1,000 tonnes, as per data from the World Gold Council.

Gold Allocation Grows As Reserve Mix Shifts

Gold now accounts for roughly 10% of USDT reserves. It shows a gradual shift in how the company structures its backing assets. This is still a smaller share compared to Treasuries, but it has grown consistently over the past year.

The overall picture shows a stablecoin company’s gold strategy that is becoming more defined. Tether is not moving away from traditional reserve assets, but it is expanding into commodities as it scales. With USDT supply continuing to grow, the composition of those reserves is starting to matter more to the market.

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