Tether purchased 14 metric tons of gold during the second quarter, extending a buying streak that has built its bullion holdings to more than 146 metric tons, according to Bloomberg reporting on the stablecoin issuer's reserve disclosures released July 31.
The purchases position Tether as the largest known holder of physical gold outside of banks and nation states. Tether began systematic gold buying in January 2026, when it announced plans to acquire up to 1 billion dollars monthly in bullion. The company stores the metal in segregated vaults operated by third-party custodians.
Tether's gold accumulation accelerated as spot prices declined during the quarter. Gold traded between roughly 2,300 and 2,500 dollars per troy ounce in the three months ending June 30, down from peaks above 2,600 dollars earlier in 2026. The Iran war tensions that rattled markets in the first half of the year created volatility that Tether exploited for purchases at lower entry points.
The company has not disclosed a target total for its gold reserves. Industry analysts have speculated that Tether, which maintains reserves backing its USDT stablecoin, may view bullion as a hedge against fiat currency debasement and geopolitical instability. Tether's broader reserve portfolio includes cash, short-term Treasury securities, and corporate debt.
Tether is a critical piece of cryptocurrency market infrastructure. USDT trades at more than 120 billion dollars in market capitalization and is the most widely used stablecoin by trading volume across major exchanges. The company operates with limited regulatory disclosure in most jurisdictions, though it has published quarterly attestations of its reserves since 2021.
Central banks and national governments hold far larger gold reserves. The U.S. Federal Reserve holds roughly 8,100 metric tons. China's stated reserves are 1,900 metric tons. Gold ETFs, primarily in the United States, collectively hold more than 1,000 metric tons. Tether's 146 metric tons is substantially larger than any known private holder of bullion.
Tether's gold buying rate of roughly 4.7 metric tons per month in Q2 2026, if sustained annually, would amount to 56 metric tons yearly. At current spot prices that rate would require roughly 160 million dollars monthly in capital deployment, consistent with the announced billion-dollar annual budget. The company has not announced plans to slow purchases or set a ceiling on total holdings.
