Tether Emerges as Major Player in Global Gold Market
Tether, the stablecoin issuer behind USDT, has become a major force in the global gold market. According to recent data, Tether acquired approximately 27 metric tons of gold during H1 2026, placing it alongside Kazakhstan in the rankings and trailing only Poland, Uzbekistan, and China among institutional purchasers.
This significant accumulation mirrors traditional central bank strategies, with Tether seeking portfolio diversification while creating a buffer against inflationary pressures and U.S. dollar depreciation. Given that USDT maintains a peg to the greenback, currency weakness presents direct operational risks.
Research from Jefferies indicates that Tether's purchasing activity has contributed to the precious metal's summer rally, with current trading levels hovering around $4,420 per ounce, representing approximately 12% appreciation from the early July trough near $4,000. Analysts noted that market participants are positioning ahead of the Consumer Price Index announcement.