Tether Breaks Into the Gold Market

While central banks hoard gold as a hedge against geopolitical fragmentation and the erosion of dollar dominance, an unexpected actor has emerged among the world’s largest gold buyers: Tether, the controversial issuer of the USDT stablecoin.

What once seemed to be merely a crypto-native tool is beginning to exhibit the features of an alternative monetary architecture.

For years, markets have viewed Tether with suspicion: persistent questions around reserve transparency, opaque ties to crypto exchanges, and minimal regulatory oversight. However, recent data from the World Gold Council, Jefferies, and S&P Global Ratings reveals a new strategic dimension. Tether is no longer backing USDT exclusively with short-term U.S. Treasury bills, reverse repos, or commercial paper—it is now allocating part of its reserves to physical gold, an asset class traditionally reserved for sovereign entities and central banks.

Mientras los bancos centrales acaparan oro como refugio ante la fragmentación geopolítica y la erosión del dólar, un actor inesperado se ha colado entre los mayores compradores globales: Tether, la controvertida emisora de la stablecoin USDT.

Lo que parecía una herramienta puramente cripto comienza a asumir rasgos de arquitectura monetaria alternativa.

Durante años, los mercados han observado a Tether con recelo: cuestionamientos sobre la transparencia de sus reservas, vínculos opacos con exchanges y escaso control regulatorio. Sin embargo, los últimos informes del World Gold Council, Jefferies y S&P Global Ratings revelan una nueva faceta: Tether ha comenzado a respaldar su moneda no solo con T-Bills, repos o papel comercial, sino también con oro físico, un activo históricamente reservado para bancos centrales y fondos soberanos.