Tether Emerges as Gold Market Powerhouse with Record Holdings

Tether's gold reserve has grown significantly in the second quarter of this year. According to its latest report, Tether purchased 14 tonnes of physical gold over the three-month period ending June, bringing its total gold reserves backing USDT to more than 146 tonnes with a total value of approximately $18.8 billion.

These purchases took place during a time when gold prices suffered their sharpest quarterly decline since 2013, plummeting approximately 14%. This decline followed a series of sharp selloffs triggered by the outbreak of the U.S.-Iran war and other factors earlier in January, where the price had approached a record high of nearly $5,600 per ounce.

Tether's CEO Paolo Ardoino stated that the company continued to expand its gold allocation in the second quarter while reducing secured lending by $2.38 billion and maintaining its position as a major U.S. Treasury investor.