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Tether Accelerates Gold Purchases, Adds 14 Tons to Reserves in Q2
Summary
The issuer of the USDT stablecoin increased its gold holdings to 146 tons, valued at $18.8 billion, according to its latest quarterly report, which also showed a significant drop in net profit year-over-year.
Tether, the company behind the world's largest stablecoin, significantly increased its gold reserves in the second quarter, acquiring 14 tons of the precious metal. The purchase, detailed in the firm's latest quarterly attestation released Thursday, brings its total physical gold holdings to 146 tons.
Accelerated Gold Accumulation
The second-quarter acquisition marks a notable pickup in Tether's purchasing activity. The company's latest additions more than double the 6 tons it acquired in the first quarter of the year. However, the pace remains below the more than 21 tons purchased in the final three months of 2025.
Key figures from the report include:
- Q2 Gold Purchase: 14 tons
- Total Gold Holdings: 146 tons
- Total Gold Value: $18.8 billion
AdAccording to the report, this accumulation solidifies Tether's position as the largest known holder of gold outside of central banks and nation-states. The reserves back its USDT stablecoin, which has approximately $185 billion in circulation.
Financial Performance and Market Context
The purchases occurred as gold prices fell during the quarter, a period when rising bond yields, driven by conflict in the Middle East, created less favorable conditions for the non-yielding asset. Tether generates revenue by investing the dollars it receives for USDT into a portfolio of assets, including U.S. Treasury securities and gold.
The company also reported a net operating profit of about $1.5 billion for the second quarter. This figure represents a significant decrease from the $4.9 billion in net profit posted in the same period a year earlier. During the quarter, Tether also issued nearly $500 million worth of new USDT tokens.
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