Tether added 14 tonnes of gold to its reserve assets during the three months ending in June, extending its ongoing trend of bullion accumulation. The company now stands as the largest non-bank, non-sovereign institutional investor in gold globally, based on known holdings.

According to Tether's quarterly reserve attestation report, the company's gold reserves reached 146 tonnes as of the end of June, valued at approximately $18.8 billion.

The precious metal's price trended lower throughout the quarter. Inflation concerns sparked by Middle East conflicts drove bond yields significantly higher, weighing on the non-yielding gold asset.

Tether also disclosed a net operating profit of roughly $1.5 billion for the second quarter, down from $4.9 billion in the same period a year earlier.

Bullion buying pace picks up after Q1 slowdown

Tether has been one of the largest single buyers in the global gold market for over a year. In the final quarter of 2025, it purchased more than 21 tonnes of gold, but the pace slowed markedly to 6 tonnes in the first quarter of this year. The return to 14 tonnes in Q2 signals a recovery in its acquisition rhythm.

The scale of Tether's gold purchases is, to some extent, linked to the issuance volume of its USDT token. Tether's business model involves exchanging US dollars for USDT and investing the received funds into assets like U.S. Treasuries and gold to generate returns. The addition of approximately nearly $500 million in new USDT circulation during Q2 provided the capital source for the simultaneous expansion of its gold reserves.

Monetization strategy takes shape as gold leasing gains traction

Alongside its continued accumulation, Tether is actively exploring ways to monetize its massive gold hoard. Gold.com, a U.S. precious metals dealer in which Tether holds an equity stake, announced in February the launch of a gold leasing business with a minimum scale of $100 million.

According to Gold.com's quarterly filing, outstanding lease contracts and customer prepayments between the company and Tether totalled $363 million as of March 31. The two entities also have agreements in place for precious metals storage and trading.

On the talent front, Tether recruited two senior precious metals traders from HSBC Holdings Plc late last year, with plans to build what it called the "world's best gold trading platform." However, both individuals were let go within the following months, indicating a strategic shift in those plans.