The USDT issuer is strengthening its diversification beyond cryptocurrencies: billions in gold reserves in Zurich, a significant stake in a mining company, and additional capital ready for the entire sector, from mining to licensing.
Reserves in Zurich
Tether has been increasing its exposure to gold for a long time. It holds approximately $8.7 billion in gold bars in vaults in Zurich, which serve as partial backing for the Tether Gold (XAUT) token with a capitalisation of around $1.4 billion.
In 2025, the company invested USD 100 million in Canada’s Elemental Altus and, after the latest increase, owns nearly 38% of the company. The aim is to strengthen the stability of reserves and reduce dependence on a single type of asset.
Negotiations with partners in the sector
According to the Financial Times, Tether is in talks with miners, investment groups and refineries about entering other links in the gold chain. It plans to deploy approximately $200 million in the sector, building on previous commodity activities, including financing oil trading in 2024.
The company’s financial profile remains robust: of its total reserves of USD 162 billion, approximately 80% is in cash, short-term deposits and US government bonds; for the first half of 2025, Tether reported a net profit of USD 5.7 billion. The more than 36% increase in the price of gold since the beginning of the year (around $3,600/ounce) supports this direction, yet management emphasises that diversification across assets is key.
