Tether, the company behind the world's largest stablecoin, now holds 146 tonnes of gold. The stash is worth $19 billion at current prices, according to the firm's latest reserve update.
Why the gold pile grew
The increase comes as Tether continues to diversify its reserves beyond cash and Treasuries. The company has been adding gold steadily over the past year, though it did not disclose the exact timing of the latest purchases. The 146-tonne figure puts Tether among the largest corporate holders of the precious metal.
A bold price prediction — with a catch
Alongside the reserve news, a market analysis included a forecast that gold could hit $10,000 an ounce by December. That would be a roughly 300% jump from current levels. But the same analysis assigned only a 3.0% probability to that outcome, making it a long-shot scenario rather than a base case.
The $10,000 target is not new — some gold bulls have floated similar numbers in recent years — but attaching a specific probability gives it a more formal air. Tether itself did not endorse the forecast; it was part of a broader market commentary.
What's at stake for Tether
Tether's USDT stablecoin is backed by a reserve pool that includes cash, cash equivalents, and other assets including gold. The company has faced scrutiny over the years about the composition and transparency of its reserves. The latest disclosure shows gold now makes up a larger slice of the pie.
Critics have questioned whether Tether holds enough liquid assets to handle a sudden wave of redemptions. Gold, while a traditional safe haven, is less liquid than Treasury bills. Still, the company says its reserves are sufficient and that it publishes regular attestations.
The next reserve report is due in the coming months. Whether gold prices will actually reach $10,000 by December remains an open question — but Tether's bet on the metal is getting bigger.
