Tether purchased 14 tons of gold for its reserves during the three months ending in June, bringing its total reported holdings to 146 tons with a stated value of $18.8 billion, according to the company’s quarterly attestation released Thursday.
The volume acquired in the second quarter represents an increase in buying activity compared with the 6 tons Tether added in the first quarter. The company also noted it had purchased more than 21 tons in the final three months of 2025. With the latest additions, Tether now ranks as the largest known holder of gold outside of banks and nation states.
As issuer of USDT, the world’s largest dollar-pegged stablecoin, Tether operates with approximately $185 billion in USDT in circulation. The firm generates revenue by accepting dollars in exchange for USDT and investing those funds in Treasury securities and other assets, including gold, according to the attestation.
During the quarter, gold prices weakened. The attestation cited that the Middle East conflict pushed up bond yields, creating less favorable conditions for a non-yielding asset such as gold. Despite that environment, Tether increased its gold holdings while also adding nearly $500 million worth of new USDT tokens over the same three-month period.
On the profit front, Tether reported net operating profit of about $1.5 billion for the second quarter. That result compares with net profit of $4.9 billion recorded in the same period a year earlier.
The attestation and the accompanying figures outline how Tether is allocating a portion of the dollars it receives for USDT into a mix of Treasuries and other assets, with gold comprising a significant and growing component of its reserve mix. The company’s status as the largest known non-sovereign, non-bank holder of gold is explicitly noted in the filing.
Information in the attestation provides a snapshot of reserve composition, recent purchase activity, token issuance and quarterly profitability as reported by the company for the period ending in June.