Crypto
Tether Adds 14 Tons of Gold to Reserves in Q2
Tether's gold reserves have surged to over 146 metric tons after the company added 14 tons in the second quarter. This expansion brings Tether closer to its goal of allocating 10%, 15% of its $20-billion investment portfolio to physical gold, as stated by Paolo Ardoino, CEO.
The gold backing for Tether's USDT stablecoin is now worth $18.8 billion, with the reserves consisting mainly of U.S. Treasury Bills and gold, which represents only 10% of the total.
Tether also holds 22 tons of gold to back its XAUT token. The company remains one of the world's largest buyers of U.S. Treasuries, reducing secured lending by $2.38 billion in the second quarter.