Tether CEO Ardoino Says Gold Will Anchor a Post-Dollar Era

• Tether now holds about 140 metric tons of gold, buying one to two tons weekly and ranking among the largest private holders.

• Gold purchases are funded by USDT profits, with bullion stored under direct custody in a secure Swiss bunker.

• XAUT represents roughly 60% of gold-backed stablecoins, backed 1:1 by over 520,000 troy ounces of gold.

Tether CEO Paolo Ardoino said the stablecoin issuer is steadily building one of the world’s largest private gold reserves. In an interview with Bloomberg published Tuesday, Ardoino confirmed Tether now holds about 140 metric tons of gold. He said the company buys one to two tons weekly, using stablecoin profits to expand reserves.

Ardoino Details Weekly Buying and Swiss Storage

Ardoino said Tether’s gold purchases accelerated through 2025 and early 2026. He confirmed the buying pace will continue for the next few months. However, he noted that management reviews accumulation plans quarterly, based on market conditions and reserve needs.

The gold is stored in Switzerland inside a former Cold War nuclear bunker. Bloomberg reported the facility includes multiple steel barriers and direct custody controls. Ardoino said Tether chose physical custody instead of commercial bank vaults to maintain reserve security.

Notably, the 140-ton stockpile ranks among the largest known private gold holdings worldwide. Bloomberg reported that only central banks, ETFs, and bullion banks hold larger reserves. Ardoino confirmed most gold supports company reserves, while a smaller portion backs Tether Gold, or XAUT.

Stablecoin Profits Drive Gold Accumulation

Ardoino said Tether funds gold purchases using income from USDT operations. USDT circulation exceeds $186 billion globally. Tether invests reserves primarily in U.S. Treasury bills, generating interest income used for diversification.

Gold accounted for about 7% of USDT reserves by late 2025, according to company disclosures. However, that share equated to billions of dollars due to issuance scale. Bloomberg calculated Tether outpaced most central banks in gold buying during several 2025 quarters.

In the fourth quarter alone, Tether added roughly 27 tons, matching its third-quarter pace. Bitwise CIO Matt Hougan said those purchases ranked among the world’s largest quarterly additions.

Ardoino Outlines Trading and Token Expansion

Beyond holding bullion, Ardoino said Tether plans to trade gold actively. He told Bloomberg the company aims to compete with banks including JPMorgan and HSBC. To support that move, Tether hired senior gold traders from HSBC during 2025.

Alongside trading, Tether expanded into gold-linked equities. It acquired stakes in Elemental Altus Royalties and Gold Royalty Corp. Meanwhile, XAUT continued growing. By late 2025, XAUT represented about 60% of gold-backed stablecoins.

As of December 31, more than 520,000 fine troy ounces backed XAUT one-to-one. Early 2026 market capitalization reached about $2.24 billion, according to company data.