Tether Emerges as Major Gold Player Amid Summer Rally
Tether, the issuer of the widely-used stablecoin USDT, has emerged as a significant player in the global gold market. According to data, Tether acquired approximately 27 metric tons of gold during the first half of 2026, surpassing Kazakhstan's central bank accumulation and placing it alongside Poland, Uzbekistan, and China among the year's largest institutional purchasers.
The company's gold reserves have increased by around 85 metric tons since Q1 2025, outpacing other major gold buyers such as Uzbekistan, China, Brazil, and Kazakhstan. Tether's rationale for accumulating gold mirrors traditional central bank strategies, aiming to diversify its portfolio and create a buffer against inflationary pressures and U.S. dollar depreciation.
Research from Jefferies indicates that Tether's purchasing activity has contributed to the precious metal's summer rally, with spot gold currently trading around $4,420 per ounce, a 12% appreciation from the early July trough near $4,000.