Tether, the giant behind USDT, is exploring major investments in the gold industry, according to a report published by the Financial Times. The company, known for issuing the world's most widely used stablecoin, has reportedly held talks with mining and investment groups with the goal of diversifying its profits into the precious metal.
According to the British media outlet, discussions include the possibility of participating in the entire gold supply chain: from mining and refining to trading and royalty companies.
For his part, Paolo Ardoino, CEO of Tether, has publicly defended gold as a complementary asset to Bitcoin. “I know many people think of Bitcoin as 'digital gold.' I prefer to think of it the other way around: 'I believe gold is our natural source,'” he said in a speech at the Bitcoin 2025 Conference in May.
Million-dollar figures at stake
Tether is one of the most profitable companies in the ecosystem: in the first half of 2025 alone, it reported profits of $5.7 billion and manages a USDT market capitalization of $168 billion, according to its June audit report.
Tether's foray into gold broadens its risk profile. Of its $162 billion in reserves, approximately $130 billion or 80% is held in cash, including $127 billion in direct and indirect exposure to US Treasury bonds.
The price of gold (USD/kg) experienced a significant increase after September 5. Source: GoldPrice
Interest in gold is nothing new. According to FT, the company already holds $8.7 billion in bullion deposited in Zurich as collateral for its stablecoin. This is in addition to the purchase of a minority stake in Elemental Altus, a gold royalty company in Canada, for $105 million in June.
A bridge between cryptocurrencies and gold?
The strategy also includes the issuance of XAUt, a token backed by physical gold, although its adoption is small compared to USDT, with a market capitalization of $880 million.
Tether continues to expand its presence beyond the cryptocurrency world and is now strengthening its presence in the commodities market.
In October 2024, the company considered channeling part of its profits into loans for traders specializing in this sector. A month later, it surprised investors by providing $45 million in financing for a transaction linked to international crude oil trading.
The strategy took a new step last Friday, when the USDT issuer allocated $100 million to increase its stake in Elemental Altus Royalties, a Canadian company that earns revenue from gold mining royalties, according to Bloomberg. With this capital injection, Tether now controls more than 37.8% of the company.
