Tether has emerged as a major non-sovereign buyer of physical gold, announcing 27 tonnes purchased in Q4 2025, a level that positions it alongside some central banks. The company uses physical gold to back its USD T stablecoin and its gold-backed token, underscoring a shift toward tangible reserves within crypto treasuries. Much of the bullion is reportedly stored in a high-security vault in Switzerland, reflecting a preference for safeguarded, physical assets.
Observers say this strategy is part of a broader plan to hold 10 to 15% of Tether’s investment portfolio in gold. As the firm continues to grow its gold holdings, the emphasis on gold-backed stability could influence how crypto treasuries diversify and manage risk in a volatile market.
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