Tether holds $8 billion in gold, rivals global private giants
Can Tether keep its gold reserves amid regulatory crackdown?
The stablecoin issuer registered in El Salvador directly holds nearly 80 tons of gold, placing Tether among the world’s largest private gold holders.
In an interview with Bloomberg News, Tether CEO Paolo Ardoino said the firm stores around $8 billion worth of gold in a Swiss vault he described as “the most secure in the world.”
He added that the company directly owns nearly the entire 80-ton reserve, making the Salvadoran issuer one of the largest private gold holders globally.
According to its March attestation, gold currently makes up almost 5% of Tether’s $112 billion reserve portfolio. The dollar value of its holdings matches the precious metals balance disclosed by UBS Group AG, one of the few bullion banks that reports these assets.
Regulatory conflicts in key markets
This year, spot gold has surged about 25%, as traders hedge against trade tensions caused by tariffs and broader geopolitical risks.
“All BRICS central banks are buying gold, so we believe that’s pushing the price higher,” Ardoino said. He also noted that demand could accelerate if investors lose confidence in U.S. financial stability and look for blockchain-based alternatives that avoid bank deposit risks.
However, Tether still needs to convince regulators that a metal-heavy reserve won’t hamper USDT liquidity during stress events.
Currently, U.S. bills such as the GENIUS Act and Europe’s MiCA framework only allow cash or near-cash assets to back fiat-linked stablecoins, excluding commodities like gold.
If these rules come into force and Tether seeks licenses in these jurisdictions, the company may be forced to liquidate bullion backing USDT—though it may still keep metal linked to its XAUT token, backed by 7.7 tons of gold worth around $819 million.
As we wrote, AI to replace traditional apps, Paolo Ardoino says
