Tether International's physical gold holdings have climbed to approximately 150 tonnes after the USDT issuer purchased 27.1 tonnes during the first half of 2026, extending an accumulation strategy that increasingly mirrors sovereign reserve buying. Central banks globally have been on a multi-year gold-purchasing streak, with World Gold Council data showing net official-sector purchases at multi-decade highs — a trend driven largely by emerging-market efforts to diversify reserves away from the U.S. dollar.

The updated figure builds on the more than 146 tonnes disclosed alongside Tether's second-quarter results on July 31. The company added 14 tonnes during Q2 alone, after aggressively building its bullion position through the second half of 2025 and early 2026. Purchases averaged roughly 4.5 tonnes per month during the first half.

Tether Ranks Among the Largest Central-Bank Gold Buyers

If Tether International were included in sovereign rankings, its approximately 150 tonnes of physical gold would place it behind Poland and China but ahead of Kazakhstan, based on the latest comparable central-bank data.

Tether's 27.1-tonne first-half accumulation also exceeded the purchases of most individual central banks. World Gold Council figures put Poland at 64 tonnes through May, Uzbekistan at 33 tonnes, China at 25 tonnes, and Kazakhstan at 20 tonnes.

The expansion continues an accumulation strategy that had already made Tether one of the gold market's largest non-sovereign buyers by the end of 2025. As the operator of USDT — the largest stablecoin by market capitalization, with issuance near $184.6 billion — Tether's reserve-allocation decisions carry weight across both digital-asset and traditional financial markets. CEO Paolo Ardoino has identified physical gold and Bitcoin as long-term reserve assets alongside Tether's dominant U.S. Treasury exposure. He previously targeted roughly 10% of the company's investment portfolio for Bitcoin and 10% to 15% for gold.

Q2 Profit Reaches $1.5 Billion

Tether generated approximately $1.5 billion in net operating profit during Q2, driven primarily by returns from U.S. Treasuries and repo positions.

Assets totaled $187.75 billion on June 30 against $183.64 billion in liabilities, leaving a $4.11 billion reserve surplus. Digital-token liabilities accounted for $183.62 billion, while USDT issuance stood near $184.6 billion.

Physical precious metals held within Tether International's reserves were valued at $18.84 billion at quarter-end. Bitcoin accounted for another $5.80 billion, while secured loans declined by $2.38 billion during the quarter.

The balance-sheet expansion follows Tether's earlier push to build gold reserves alongside its Bitcoin holdings rather than relying exclusively on Treasury income — a diversification that also positions the company to weather potential shifts in U.S. interest-rate policy, which directly affects Treasury and repo yields.

XAUT Remains Separate From Tether's Reserve Gold

Tether Gold operates through TG Commodities and maintains a separate pool of physical bullion backing XAU₮. That reserve held steady at 707,747 fine troy ounces, or approximately 22.01 tonnes, throughout Q2.

Customer ownership rose 9.5% during the quarter as 53,225 additional XAU₮ entered circulation, even as gold prices fell 14.1%. XAU₮ ended June with an approximate market value of $2.84 billion.

Tether has also narrowed its broader gold-linked product lineup. The company halted new aUSD₮ minting and began winding down the Alloy platform in June, giving existing users until September 17 to return aUSD₮ and recover their XAU₮ collateral. The wind-down will release additional XAU₮ back to holders, potentially increasing circulating supply of the gold-backed token. XAU₮ itself remains active and is not being discontinued.

Tether International's latest disclosed bullion position stands at approximately 150 tonnes, while the separate XAU₮ reserve remains at 22.01 tonnes.