依 Bloomberg 计算，Tether 去年为其储备与黄金稳定币购入超过70吨黄金；在单一央行披露中仅波兰以102吨更高。Ardoino 表示公司目前持有约140吨黄金，约值$24 billion，并以每周约1–2吨的速度加码，且以季度为单位评估需求；这也相当于约每月买入$1 billion实体黄金的物流负担。Tether 的主要获利来源是美元稳定币 USDT，流通量约$186 billion；公司以收取美元并投资美国国债等资产（含黄金）来赚取利息与交易收益，并选择自行在瑞士前核子掩体内存放实体金属。Jefferies 指出其购买可能是去年金价上涨65%的因素之一，但 World Gold Council 的 John Reade 强调其仅为构成要素之一；同期间央行与 ETF 投资者合计买入超过1,500吨。
Tether 也意图从「买入并持有」延伸到交易领域，称需要「the best trading floor for gold in the world」，以在维持偏多实体黄金的前提下把握期货与现货价差等机会，并与 JPMorgan、HSBC 等银行竞争。公司同时增持加拿大中型黄金权利金公司股权，包括 Elemental Royalty Corp、Metalla Royalty & Streaming Ltd、Versamet Royalties Corp、Gold Royalty Corp；相关操作据称由 Juan Sartori 推动。宏观层面，黄金在2026年1月28日（GMT+8）一度上涨2.5%，连续第8个交易日创新高，美元在 Donald Trump 评论后跌至自2022年以来低位；然而增加非美元资产也提高 USDT 维持$1兑换的风险。S&P Global Ratings 于11月将 USDT 的稳定性评级下调至「weak」，理由包括储备对 Bitcoin、黄金、担保贷款与公司债等高风险资产的曝险上升及披露有限；Tether 以 BDO Italia SpA 签署的季度查核披露其黄金。其黄金代币 Tether Gold（XAUT）已发行约16吨对应量（约$2.7 billion），Ardoino 预估到2026年底流通量可能达$5–$10 billion，届时仅为 XAUT 补库就可能需要每周多于1吨，而黄金代币相对于超过$500 billion的 ETF 市场仍属小规模。
Switzerland has roughly 370,000 nuclear bunkers, mostly a Cold War legacy and now rarely used; one is being run as a high-security vault by crypto firm Tether Holdings SA. More than 1 ton of gold is moved into the vault each week, and over the past year Tether has quietly become a major buyer in the global gold market. Prices have surged to records, cited as above $5,200 per ounce, amid upheaval and a shared distrust of government debt; CEO Paolo Ardoino framed Tether’s role as akin to a central bank and said geopolitical rivals may launch a gold-backed alternative to the dollar. When two senior HSBC gold traders left, the market speculated on their destination, and they ended up at Tether.
A Bloomberg calculation puts Tether’s gold buying at over 70 tons last year for reserves and its gold stablecoin; among declared central-bank purchases, only Poland reported more, at 102 tons. Ardoino said Tether holds about 140 tons of gold worth roughly $24 billion, is adding about 1–2 tons per week, and reviews demand quarterly; that pace also implies about $1 billion per month of physical-gold buying and related logistics. Tether’s core profits come from its dollar stablecoin USDT, with about $186 billion in circulation, taking in dollars and investing in Treasuries and other assets including gold, and it chose to store bullion itself in a Swiss former bunker. Jefferies argued Tether was a significant new buyer that likely contributed to gold’s 65% rally last year, but World Gold Council strategist John Reade said it was only one component, as central banks and ETF investors collectively bought more than 1,500 tons; China disclosed 27 tons but traders suspect more.
Tether also wants to move from accumulation into trading, saying it needs “the best trading floor for gold in the world” to compete with banks like JPMorgan and HSBC while staying structurally long physical gold and exploiting gaps between futures and spot. It has also taken stakes across mid-sized Canadian listed royalty companies, including Elemental Royalty Corp, Metalla Royalty & Streaming Ltd, Versamet Royalties Corp, and Gold Royalty Corp, with the push attributed to Juan Sartori. Gold rose as much as 2.5% on January 28, 2026 (GMT+8), extending an eight-session run to fresh records, while the dollar hit its lowest since 2022 after comments by Donald Trump; but shifting reserves away from dollars increases the risk of impairing USDT’s $1 peg. S&P Global Ratings downgraded USDT’s stability to “weak” in November, citing higher exposure to risk assets such as Bitcoin, gold, secured loans, and corporate bonds and limited disclosure; Tether reports gold in quarterly attestations signed by BDO Italia SpA. Its gold token Tether Gold (XAUT) is issued equivalent to about 16 tons, or $2.7 billion, and Ardoino projected $5–$10 billion of circulation by end-2026, which could require more than 1 ton per week for XAUT alone, even though gold tokens remain small versus the more-than-$500 billion ETF market.