Already among the world’s largest private holders of bullion, Tether leaned further into the metal during the second quarter, stepping up purchases even as prices tumbled.
Between April and June the stablecoin issuer picked up 14 metric tons of physical gold, pushing total holdings above 146 tonnes with a value near $18.8 billion. The buying more than doubled the 6 tonnes acquired in the first quarter, and it unfolded while bullion recorded a 14% quarterly loss, its worst showing since 2013.
That pace put Tether in unusual company. World Gold Council figures show central banks scooped up 289 tonnes over the quarter, up from a revised 57 tonnes in the first quarter, and the company’s 14-tonne haul amounted to nearly 5% of official-sector demand. Its stockpile of more than 146 tonnes now outstrips the reserves held by many national central banks.
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Reserves overall climbed to $187.8 billion, with gold representing roughly 10% of that total. Short-duration, high-quality liquid assets dominate the rest, leaving Tether among the biggest buyers and holders of U.S. Treasuries. The company closed the quarter with about $5.8 billion in Bitcoin.
USDT, redeemable one-for-one against the dollar, saw supply rise to roughly $184.6 billion by the end of June, an increase of about $446 million over the prior quarter that carried its share of the stablecoin market past 60%.
According to the BDO attestation, net operating profit landed at $1.5 billion, powered by the Treasury portfolio and repo activity. Reserves topped liabilities by around $4.11 billion, and secured lending fell by $2.38 billion.
Chief Executive Paolo Ardoino said the quarter tested the assets backing Tether’s reserves directly, and noted that its global user base expanded by more than 30 million over the period.
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