Tether amasses $20 billion in gold, a reserve size rivaling sovereign holdings

Tether, the world’s largest stablecoin issuer, now holds roughly 154 metric tons of physical gold, valued at about $20 billion. If it were a central bank, this stock would place it just outside the top‑20 sovereign gold reserves. About 132 tons are kept as part of USDT’s reserve backing, while the remaining 22 tons directly back the tokenized gold product XAUT, which currently represents 54 % of the tokenized‑gold market.

On June 18, crypto‑lending platform Ledn announced that XAUT will be accepted as collateral for loans denominated in USDT, with the product expected to launch later in 2026. Borrowers can lock XAUT to receive stable‑coin loans, retaining exposure to gold price movements while avoiding the need to sell the metal. The service will not be available to residents of Canada or the European Union. Tether’s broader balance sheet also includes about $141 billion in U.S. Treasury exposure, $15 billion in 2025 revenue and a $1.04 billion net profit in Q1 2026. The move highlights a shift from traditional gold ETFs toward blockchain‑based gold collateral.