Tether Holdings SA continued to expand its allocation to physical gold in the first quarter, adding in excess of six tonnes to the precious metal holdings that form part of its reserve base.
According to the company’s quarterly holdings disclosure, Tether’s gold reserve value stood at $19.8 billion at the end of March. Using prevailing spot rates referenced by the company, that valuation corresponds to approximately 132 tonnes of bullion.
Market movement for gold during the quarter was turbulent. Prices climbed to an intraday record near $5,600 in January and then fell sharply on several occasions. The most notable decline followed the outbreak of the US-Iran war, which triggered a recent selloff in the market.
While the latest quarter’s purchases kept Tether among the largest identifiable private buyers of physical gold, the pace of accumulation eased relative to the prior year. In 2025, the company increased its holdings by more than 70 tonnes across its reserve pool and its gold-backed stablecoin inventory, a markedly higher rate than the first quarter of the current year.
Tether is the issuer of USDT, the largest dollar-pegged stablecoin by circulation, with roughly $190 billion outstanding. The firm converts dollars received for newly issued USDT into a mix of investments. Those allocations include short-term government debt - Treasuries - and other assets such as physical bullion, which form part of the company’s broader reserve strategy.
Context for markets and investors
Tether’s continued purchases add a significant, identifiable source of demand to the gold market given the scale of its holdings. The company’s reserve growth and the timing of purchases occur against a backdrop of pronounced price volatility and geopolitical-driven flows that have influenced bullion valuations over the quarter.
Data limitations - The figures cited reflect Tether’s reported holdings and the valuation methodology disclosed by the company. Where specifics are not provided in the holdings report, this article does not infer additional details beyond what Tether reported.