One of the world’s largest cryptocurrency companies, Tether Holdings SA, has quietly become one of the biggest private holders of physical gold, according to reporting by Bloomberg.

Between 2025 and early 2026, Tether accumulated an estimated 140 metric tons of gold, worth roughly US$24 billion at current prices. That puts the company among the largest known private bullion holders globally, outside of central banks and major financial institutions.

Where the gold is kept

The gold is stored in a high-security Swiss vault, located in a Cold War–era bunker designed to protect strategic assets. The location reflects a focus on physical security and long-term storage rather than trading or short-term resale.

According to Bloomberg, Tether has been buying around one to two tons of gold per week, with purchases reviewed on a quarterly basis.

Why a crypto company wants physical gold

Tether issues the USDT stablecoin, which is widely used in crypto markets and is typically backed by reserves such as cash, U.S. Treasury securities, and other assets. Gold has become an increasingly important part of that reserve mix.

Tether’s chief executive, Paolo Ardoino, has described the strategy as similar to how central banks manage reserves: reinvesting profits into hard assets rather than holding everything in cash or government debt.

Gold offers several features that appeal to Tether: it is not tied to any single government, it sits outside the banking system, it cannot be frozen electronically, and it holds value during geopolitical or financial stress

In short, gold functions as a form of financial insurance.

Supporting tokenized gold

Tether’s bullion holdings also back XAUT, its tokenized gold product. Each XAUT token represents ownership of a specific amount of physical gold stored in a vault.

For users, this means exposure to gold without needing to store or transport bars themselves, while still being backed by real, allocated metal.

Why this matters beyond crypto

Tether’s gold buildup highlights a broader shift in global finance.

Traditionally, large gold hoards were associated with nation-states and central banks. Tether’s strategy shows that large private companies—especially those operating in digital finance—are now adopting similar reserve practices.

It also reinforces gold’s renewed role as a core asset at a time when: geopolitical tensions are rising, trust in fiat currencies is being debated, and financial systems are becoming more fragmented

What this does not mean

Tether’s gold accumulation does not mean: the U.S. dollar is being replaced, stablecoins are abandoning fiat backing, crypto is returning to a gold standard.

Instead, it reflects a balance-sheet decision aimed at diversification and resilience, not a change in how stablecoins function day to day.

As gold prices hit record highs and global uncertainty grows, Tether’s strategy shows how crypto-native firms are beginning to resemble traditional financial institutions, borrowing playbooks from central banks while operating outside the state system.

Tether’s gold buying is a long-term reserve strategy, not a trade. It signals how private companies, not just governments, are now building large bullion stockpiles in an increasingly uncertain financial world.

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