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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.

China Tightens Crypto Crackdown, Targets RWA Token Issuance

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China has stepped up its crackdown on virtual currencies, banning unauthorized offshore issuance of yuan-pegged stablecoins and pledging stricter oversight of tokens backed by onshore assets, according to a notice published by the People’s Bank of China. The move reinforces Beijing’s long-standing prohibition on cryptocurrencies while drawing a clearer regulatory line around real-world asset (RWA) tokenization.

Authorities said virtual currency-related activities remain illegal financial operations and warned domestic entities—and their overseas affiliates—against issuing tokens abroad without approval. Regulators also barred both domestic and foreign firms from issuing offshore stablecoins pegged to the yuan, underscoring that such instruments effectively replicate functions of fiat currency. Financial institutions were cautioned not to provide banking or clearing services to crypto-related businesses.

While reiterating a hard line on cryptocurrencies, the notice introduces a notable distinction for RWA tokenization. Offshore issuance of tokens backed by Chinese onshore assets will be subject to strict vetting by relevant authorities, a shift some industry observers view as the beginnings of a formal legal framework. Analysts say the policy signals recognition of RWA activity—long operating in a gray area—while maintaining the central bank’s monopoly over digital money via the digital yuan.

Officials cited renewed speculative activity as justification for tighter measures. Market participants now await detailed implementation rules to determine whether regulated RWA issuance can proceed and produce viable use cases under China’s oversight.

Tether Adds 27 Tons of Gold to Reserves in Fourth Quarter

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Tether, the issuer of the world’s largest stablecoin, said it added about 27 metric tons of gold to its fund exposure in the fourth quarter of 2025, broadly in line with its estimated third-quarter purchases.

The accumulation comes amid a powerful rally in gold prices. Gold has risen 18% year-to-date after gaining 64% in 2025, breaking through multiple psychological milestones, including $3,000 per ounce in March, $4,000 in October and $5,000 on Monday. The surge has been driven by strong investment flows, central bank buying and retail demand as global geopolitical tensions persist.

Tether has emerged as a notable source of gold demand due to the pace at which it has expanded reserves backing its digital assets. The company issues the USDT stablecoin, which has about $187 billion worth of tokens in circulation, and the gold-backed XAUT token, valued at roughly $2.7 billion.

Each USDT token is designed to represent one U.S. dollar held in reserve, backed by assets such as U.S. Treasury bills and gold. Tether’s XAUT token is fully backed by physical gold. According to the company, it held 16.2 tons of gold to support XAUT at the end of December, accounting for about 60% of the global gold-backed stablecoin supply.

“We are operating at a scale that now places the Tether Gold Investment Fund alongside sovereign gold holders, and that carries real responsibility,” said Paolo Ardoino in a statement.

For comparison, Poland’s central bank, the most active reported buyer among central banks, increased its gold reserves by 35 tons in the fourth quarter to a total of 550 tons. Tether did not disclose the total amount of gold it holds in Switzerland across its products.

Tether’s most recent publicly available audit of USDT reserves showed gold holdings worth $12.9 billion as of the end of September, equivalent to about 104 tons at then-prevailing prices. Despite the increase, gold represented only around 7% of USDT reserves at that time, with U.S. Treasuries remaining the dominant asset.