Discreet pillar of the crypto ecosystem, Tether is changing its strategy contrary to expectations. As its reserves reach record levels, the USDT issuer is significantly slowing down its purchases of gold, although it is presented as a key diversification asset. This choice, far from being trivial, reveals internal decisions and a more pragmatic management of its assets. Behind this decision, the entire reserve strategy of the stablecoin giant is being redesigned.
In brief
- Tether sharply slows down its gold purchases in the first quarter of 2026, marking a break with previous dynamics.
- However, gold reserves remain high, reaching a level comparable to that of certain states.
- An internal trading project is abandoned, revealing limits in certain strategic initiatives.
- The reserve structure shows a clear dominance of US Treasuries, far ahead of gold.
An unexpected brake on gold
The first quarter of the year marks a clear inflection point in Tether's gold accumulation strategy. After several months of sustained purchases, the group is sharply reducing the pace, while maintaining a historically high level of reserves. This decision comes in a context of continued growth of USDT, whose capitalization is based on rigorous management of the underlying assets.
At the same time, an attempt at operational diversification ended in failure. An internal trading project was abandoned. This episode reveals the limits of certain strategic initiatives, despite the considerable resources available to the company.
Here are some key elements:
- In the first quarter, Tether acquired only 6 tons of gold, compared to 27 tons in the previous quarter, marking a significant slowdown;
- Gold reserves linked to USDT reach 132 tonnes, valued at $19.8 billion;
- Including the gold-backed token XAUT, the total rises to 154 tonnes, a level comparable to that of some states.
An allocation dominated by American debt
Beyond the slowdown in purchases, the composition of reserves reveals a more nuanced reality. Gold represents about 10% of Tether's assets, far behind US Treasuries which total $117 billion.
This dominance confirms that the USDT model is based above all on traditional financial instruments, perceived as liquid and safe. In this portfolio, bitcoin also retains a notable place with around $7 billion, illustrating diversification mixing cryptos and macroeconomic instruments.
The company, however, displays a clear ambition for the future, aiming for an allocation of between 10% and 15% of its investment portfolio, estimated at $20 billion, to gold. This target suggests a desire to gradually strengthen exposure to the precious metal, without calling into question the current balance dominated by American sovereign debt. The contrast between stated ambition and actual allocation reflects a pragmatic approach, adjusted to liquidity and return constraints.
Through these arbitrations, Tether confirms its evolution towards a hybrid model, halfway between a traditional financial institution and a native crypto player. The slowdown in gold purchases does not signal a disengagement, but rather a more measured management of reserves in a complex financial environment. This trajectory poses a central question: how far can a stablecoin issuer approach the role of a quasi-central bank, while retaining the flexibility specific to the crypto universe?
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