Tether Surpasses Central Banks with Record Gold Holdings

Tether, the world's largest stablecoin issuer, has accelerated its gold reserve buildup in the second quarter. 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 value of approximately $18.8 billion.

This scale makes it the largest known gold holder outside of banks and nation-states, surpassing even some central banks in terms of holdings. The purchase comes at an interesting time, as gold prices suffered their sharpest quarterly decline since 2013, plummeting by about 14% during the second quarter.

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.