Tether, the company behind the world’s largest stablecoin, USDT, is making big moves in the gold market. They are looking beyond just holding gold. Reports suggest Tether wants to get involved in the entire gold supply chain, from digging it out of the ground to selling it.
One report from the Financial Times, citing people close to the matter, says Tether has talked with mining and investment groups. The goal is to get into everything: mining, refining, trading, and even gold royalties. These talks included Terranova Resources, a mining investment company based in the British Virgin Islands, though that deal didn’t go through. One person from the commodities industry even called Tether “the strangest company I have dealt with.”
This strategic push likely aims to spread Tether’s investments. They’re using their large cryptocurrency profits to put money into gold, which has traditionally been a safe place to store wealth. This move comes at a time when economic uncertainty is pushing gold prices higher.
Tether already has a significant stake in gold. Its CEO, Paolo Ardoino, shared in July that the company keeps nearly 80 metric tons of gold. This gold is stored in a private vault in Switzerland and is worth about $8 billion. Part of this gold backs Tether’s gold-linked token, XAUt, which has a market value of $880 million.
The company isn’t stopping there. Tether Investments, the part of the company that handles earnings, bought a small share in Elemental Altus Royalties in June for $89 million. This Canadian company focuses on mining royalties. Now, Bloomberg reports that Tether plans to add another $100 million to this investment. This would make them the majority owner of Elemental, holding 37.8% of the company.
Tether’s focus on gold matches the metal’s recent boom. Gold hit a record high of $3,600 per ounce this week. That’s almost double its value from two years ago. This price surge, partly due to global tensions, has attracted many investors. Even crypto investors see gold as a safe bet, much like Bitcoin.
Ardoino himself has called gold “natural Bitcoin.” He sees a clear link between gold and cryptocurrencies. He believes gold offers protection against government-backed money and works well alongside Bitcoin.
Tether made a record profit of $4.9 billion in the second quarter of 2025. They also keep Bitcoin in their key financial reserves. Beyond gold, Tether has been expanding and diversifying into many other areas. These include artificial intelligence, biotechnology, renewable energy, Bitcoin mining, entertainment, and film.
Source: Financial Times
Source: Bloomberg