Gold has risen sharply in 2026, trading at $5,279 per ounce as of Jan. 28 at 11 a.m. EST, and Tether is increasing its exposure to physical bullion. Paolo Ardoino said the company plans to allocate between 10% and 15% of its proprietary investment portfolio to physical gold by the end of 2026, framing the move as part of broader diversification.
Tether's Strategic Shift to Physical Gold
The allocation applies only to Tether’s proprietary investment portfolio, which is funded by excess profits, and does not change the reserves that back its stablecoins. Ardoino said the company intends the gold exposure to be physical bullion held outright, purchased on a rolling basis and reviewed quarterly as part of normal portfolio management.
Tether already holds roughly 130 metric tons of gold and added 27 metric tons in the fourth quarter of 2025 alone, continuing purchases at a regular pace. The company has discussed this alongside its bitcoin holdings—see details on Tether bought 8,888 BTC for related context on crypto allocations.
Storage and Ownership Details
All of the gold exposure will consist of physical bullion stored in secure Swiss vaults and fully owned by Tether, rather than held indirectly. That ownership structure and the use of Swiss vaults are intended to separate these holdings from the stablecoin reserves that underpin products like USDT and Tether’s gold-linked token.
The company has said the allocation does not affect stablecoin backing, so USDT reserves remain distinct from the proprietary portfolio. For background on Tether’s approach to gold tokens and fractional arrangements, see Tether Scudo.
Market Implications and Context
Gold’s sharp rise—up 92% over the prior 12 months to $5,279 per ounce—frames Tether’s move as part of a wider institutional interest in hard assets. Ardoino described gold as a hedge against global uncertainty and drew parallels between gold and bitcoin, presenting both as long-term stores of value rather than short-term trades.
Tether’s steady accumulation, given its scale and consistent purchases, has been noted as a factor that could influence physical gold demand. For a broader comparison of gold and bitcoin as stores of value, read our Gold vs bitcoin piece.
Why this matters
If you run mining equipment in Russia, the direct operational impact of Tether’s decision is limited because the allocation comes from a separate, proprietary portfolio and not from stablecoin reserves. At the same time, a large buyer accumulating physical gold can support demand and contribute to market attention on hard assets, which is useful context if you track asset prices or manage a diversified portfolio.
Storage in Swiss vaults and full ownership by Tether mean these holdings are structured as institutional bullion rather than tokenized claims, so the change mainly affects market supply dynamics rather than stablecoin mechanics. Keep this distinction in mind when you evaluate your exposure to USDT or gold-linked tokens.
What to do?
Practical steps to consider as a miner with one to a thousand devices:
- Check your stablecoin exposure: verify that USDT reserves and backing remain separate from Tether’s proprietary investments before making allocation decisions.
- Follow price movements: if you trade or hedge with gold or bitcoin, note that institutional accumulation can affect liquidity and attention in those markets.
- Keep records of holdings: document any gold-linked tokens or stablecoins you use and their stated backing, especially when assessing counterparty risk.
- Read related coverage for context: review Tether’s recent crypto moves and gold-token mechanics to form a fuller picture before changing your position.
