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Tether Slows Gold Buying as Treasury Bills Remain Core of USDT Reserve Strategy

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Tether significantly reduced its gold purchases in the first quarter, signaling a more measured reserve strategy even as it remains one of the world’s notable private-sector gold holders through its stablecoin ecosystem.

The issuer of USDT, the largest stablecoin by circulation, added roughly 6 metric tons of gold during the quarter, down sharply from 27 tons in the previous quarter. Despite the slowdown, Tether’s total gold exposure across its USDT reserves and XAUT gold-backed token now stands at approximately 154 metric tons — a scale comparable to some national central banks.

Tether’s reserve structure remains overwhelmingly dominated by U.S. Treasury bills, which account for the majority of backing for its $189.5 billion USDT supply. Gold represents around 10% of reserves, while Bitcoin forms a smaller portion. This indicates that although Tether views gold as a strategic diversification asset, it continues prioritizing highly liquid government debt as its primary stability mechanism.

The slower pace of gold buying may reflect operational adjustments rather than reduced long-term interest. Reports suggest Tether had explored more active gold trading strategies but encountered internal organizational challenges that limited execution efficiency.

Tether’s growing bullion position is strategically significant because it reflects how major digital asset firms are increasingly blending traditional hard assets with crypto infrastructure. By combining Treasury bills, gold, and Bitcoin, Tether appears to be constructing a hybrid reserve model aimed at balancing liquidity, diversification, and market confidence.

The broader implication is that stablecoin issuers are evolving beyond simple cash-equivalent backing into more complex reserve management structures, potentially positioning themselves as influential players in both digital finance and global commodity markets.

Vietnam Moves Toward Crypto Licensing

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Vietnamese companies are competing to obtain the country’s first licenses to operate domestic cryptocurrency exchanges as authorities prepare tighter oversight of digital asset trading.

The government plans to launch a pilot program that would allow locally regulated crypto platforms to operate, while restricting the use of overseas exchanges by Vietnamese traders.

Several financial institutions and investment firms have already entered the qualification process, reflecting strong industry interest in the emerging regulatory framework.

Vietnam has become one of the most active cryptocurrency markets globally, with transaction volumes reaching significant levels in recent years.

Officials aim to keep trading activity within the country’s financial system while improving supervision and managing capital flows.

The initiative could also help develop Vietnam’s digital finance sector, though policymakers note that further regulatory work is still required.

Bithumb Blames System Flaws for $40 Billion Bitcoin Error

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South Korea’s crypto exchange Bithumb said serious internal system flaws allowed an erroneous transfer of more than $40 billion in bitcoin during a promotional event last week, prompting regulatory scrutiny and market volatility. The exchange accidentally distributed about 620,000 bitcoins to customers instead of 620,000 won ($426), triggering a sharp 17% drop in bitcoin prices on its platform.

Chief Executive Lee Jae-won told lawmakers the error was exacerbated by a roughly 24-hour processing lag that delayed balance updates. The mistaken transfer amounted to roughly 15 times the exchange’s bitcoin holdings. Internal safeguards—including checks comparing transfer volumes with actual reserves—failed, and the assets were not earmarked in a separate account to ensure transaction safety.

Most of the bitcoins have since been recovered, though regulators said 1,786 coins were sold before accounts were frozen. Authorities stated that customers who sold the mistakenly credited assets are legally required to return them. The incident has sparked criticism in parliament over oversight failures in one of the world’s most active crypto markets.

The head of the Financial Supervisory Service said the episode underscores the need for stronger regulatory frameworks, adding that virtual asset platforms should ideally face oversight similar to banks, though current laws do not yet provide that authority.