Tether International reported in a press release dated August 3, 2026, that it had increased its physical gold reserves to approximately 150 tonnes. This rapid growth is explained by active purchases: in the first half of 2026, the company purchased about 27.1 tonnes of gold, averaging 4.5 tonnes per month.
According to Tether's own calculations, comparing this purchase volume to the ranking of central banks from the World Gold Council, the company would have taken third place in the world for the first half of 2026 – trailing only Poland and China and surpassing Kazakhstan. An important clarification is needed here: this is not about a country's total gold reserves – by that metric, 150 tonnes are far from the top three, as, for example, the US holds over 8,100 tonnes and Germany about 3,350 tonnes, as seen on the World Gold Council page showing total reserves by country. Tether compared itself specifically based on the volume of net gold purchases for the period, referencing central bank statistics from the World Gold Council.
For comparison, according to Gold Demand Trends for the second quarter of 2026, Poland purchased 82 tonnes of gold in the half-year, China 40 tonnes, and Kazakhstan acquired about 20 tonnes since the beginning of the year.
Demand for XAU₮ Increased Despite Falling Gold Price
Part of the total reserves – about 22 tonnes of metal – backs the XAU₮ token (Tether Gold). As of June 30, 2026, the physical gold backing XAU₮ was valued at approximately $2.84 billion. The volume of tokens in clients' possession grew by almost 9.5% over the quarter, corresponding to an additional 1.66 tonnes of physical gold. Full 1:1 backing was maintained throughout the period.
According to the company's statement, the increased demand for XAU₮ occurred against the backdrop of a noticeable drop in the gold price over the quarter – this, in Tether's view, confirms sustained interest in the tokenized precious metal even during a market correction.
Over 27 Tonnes of Gold in Half a Year
In Tether's report for the second quarter of 2026 dated July 31, the company clarified that it added 14 tonnes of physical gold in the quarter, bringing reserves to a level above 146 tonnes. By early August, this figure had grown to the stated 150 tonnes – the difference reflects continued purchases in the following weeks.
Why Tether is Increasing Gold Reserves
For a company whose main business is issuing the dollar-denominated stablecoin USDT, the steady growth of investments in gold appears as a diversification of reserves beyond traditional dollar instruments and US government bonds. Such a strategy reduces dependence on a single asset class while simultaneously strengthening Tether's position in the tokenized commodities market – XAU₮ competes with other gold-backed projects.
The very fact of comparing purchase volume with central bank indicators is more of a marketing move than a strict financial benchmark: a private company and sovereign reserves operate by different rules and with different goals. However, the scale of Tether's purchases – tens of tonnes per half-year – shows that the company operates in the gold market on a scale comparable to the actions of individual states. And the growth in demand for XAU₮ against a backdrop of falling gold prices indicates that some investors view tokenized gold as a portfolio diversification tool regardless of the current price dynamics of the underlying asset.
AI Opinion
From a macroeconomic analysis perspective, Tether's purchases unfold against the backdrop of a broader trend: net central bank demand for gold in the second quarter of 2026 reached a record quarterly 289 tonnes – five times the figure for the first quarter. The private company is essentially aligning with the logic of institutions that have been systematically increasing the share of gold in reserves since 2022, reducing dependence on the dollar.
A technical aspect left out of the article is the question of storing and auditing the physical metal: the stability of the XAU₮ token directly depends on independent verification of the reserves, not just the stated 1:1 backing ratio. An open question remains: will the tokenization of gold become an independent channel of demand for the metal, or simply a reflection of an already existing institutional trend?
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