According to a Reuters report on May 2nd, Tether slowed its gold purchases to back USDT in the first quarter of 2026. The quarterly report showed that its gold purchases fell to approximately 6 tons, down from 27 tons in the fourth quarter of last year. As of the end of March, Tether's gold reserves used to back USDT rose to approximately 132 tons (approximately $19.8 billion), accounting for about 10% of its reserve structure. Its main assets remain approximately $117 billion in US Treasury bonds. Bitcoin reserves are approximately $7 billion.
Meanwhile, the gold reserves used to back the gold stablecoin XAUT have increased to approximately 22 tons. The two products together hold approximately 154 tons of gold. Tether previously stated its plan to allocate 10% to 15% of its approximately $20 billion portfolio to physical gold, but the relevant trading team was disbanded in March of this year due to governance structure limitations.
