Despite its many regulatory setbacks, Tether remains the undisputed leader in the stablecoin sector. This position is accompanied by a very aggressive reserve strategy, to the point where it is now one of the world’s largest gold holders.
Tether accumulates more than a ton of gold per week
The stablecoin market has undergone a historic transformation since the approval of the GENIUS Act regulatory framework in the United States. However, this represents yet another rejection of USDT by the leader Tether, as was the case in the European Union since the implementation of its MiCA regulation.
This situation does not seem to discourage its CEO, Paolo Ardoino, who is determined to establish himself in emerging markets that are very fond of these cross-border monetary solutions and alternatives to their often failing national systems. As a result, USDT recently surpassed 500 million users worldwide.
At the same time, Tether is diversifying its positions in sectors such as Bitcoin mining, artificial intelligence, and agri-food. This strategy has made it one of the world’s largest holders of BTC, with an estimated portfolio of 87,485 BTC (currently worth just over $8 billion).
This strategic accumulation also applies to physical gold. Analysts at Kobeissi Letter have just published a report on the subject, estimating that Tether has been accumulating more than a ton of this precious metal every week since the beginning of the year.
Precious metals account for 7% of its reserves
The speed and quantity involved in this accumulation seem phenomenal. In fact, this corresponds to a purchasing strategy that can be estimated at more than $120 million each week, or approximately $4 billion since the beginning of the year, at a minimum.
Tether’s gold reserves reached a record $12.9 billion in September. This corresponds to 104 tons of physical gold. The value of its gold reserves has doubled since the beginning of the year, while its physical reserves have also doubled since the second quarter of 2024.
Kobeissi Letter
At the time of writing, Tether’s reserves show a total of $181.2 billion, largely positioned in the US Treasury bill market (over 60%). As for gold, it accounts for 7.13% of the reserves announced as being dedicated to precious metals, ahead of Bitcoin with 5.44%.
According to analysts at Kobeissi Letter, with this active accumulation strategy, “Tether is becoming one of the world’s largest gold holders.” This logic is in line with its stated desire since 2023 to reduce its dependence on the dollar in order to protect itself from geopolitical and macroeconomic risks.
