Overview
- A BDO Italy attestation shows Tether earned over $10 billion in 2025, held $122 billion in direct U.S. Treasuries and $141 billion including reverse repos, and maintained $6.3 billion in excess reserves with USDT supply at about $186 billion.
- CEO Paolo Ardoino says the company holds roughly 140 metric tons of gold in a Swiss former nuclear bunker, valued around $23–$24 billion, after buying more than 70 tons last year and continuing at one to two tons per week.
- Tether is targeting a 10–15% portfolio allocation to gold, up from roughly 7%, with purchases funded by USDT profits alongside reported bitcoin holdings of about $8.4 billion.
- The gold stockpile also backs Tether’s XAUT token, with about $2.7 billion outstanding, and the company says circulation could expand to $5–$10 billion this year.
- Executives say Tether is building an active bullion trading capability and has hired senior traders, positioning the firm to compete more directly with established bullion banks.