Overview

• Tether has held discussions to invest across the gold supply chain — mining, refining, trading and royalties — with one set of talks involving Terranova Resources that did not lead to a deal, according to the Financial Times.
• Tether plans to invest about $100 million more to increase its minority stake in Toronto-listed Elemental Altus Royalties after an initial purchase in June.
• The company disclosed roughly $8.7 billion in gold bars stored in a Zurich vault and also issues Tether Gold (XAUt), a token backed by physical metal.
• Tether reported about $5.7 billion in profit in the first half of 2025, largely from reserve income, and is deploying capital into real-world assets such as gold-related equities.
• Gold prices set new highs around $3,550 per ounce this week as some mining executives voice skepticism about Tether’s approach, saying they are unsure the firm has a defined strategy.