Tether Explores Major Gold Investments, Surprising Mining Sector

Tether, the world’s largest stablecoin issuer, is weighing a deeper move into gold, according to a report from the Financial Times. The company, best known for its USDT token, has reportedly discussed investing across the gold supply chain—covering everything from mining and refining to trading and royalty companies.

Stablecoin group Tether holds talks to invest in gold miners

Boss of crypto company that posted first-half profits of $5.7bn has called the precious metal ‘natural bitcoin’

Financial Times

While Tether has previously disclosed its exposure to gold, the scale of potential new investments has taken many in the mining and commodities industries by surprise. Executives described the company as an “unconventional” entrant in a traditionally conservative sector.

Tether’s Growing Gold Footprint

Tether has been diversifying beyond stablecoins for several years, leveraging billions in profit generated from its flagship USDT token. In July, the company revealed it had nearly 250,000 Tether Gold (XAU₮) tokens in circulation, backed by more than 7.6 tons of physical gold stored in Swiss vaults. Holders can redeem these tokens for physical bullion.

The company also acquired a 33% stake in Canadian royalty firm Elemental Altus Royalties Corp., giving it a direct link to global gold production. These moves highlight a growing interest in commodities as a hedge against volatility in crypto and traditional markets alike.

Tether CEO Paolo Ardoino appeared to acknowledge the FT report when he responded to a social media post with the phrase “stability maximalism,” hinting at gold’s role as a long-term anchor for the firm.

Industry Reaction: Surprise and Skepticism

Despite gold’s reputation as a safe-haven asset, Tether’s potential large-scale push into the sector has raised eyebrows. Mining executives told the FT they were surprised by the discussions, with one suggesting Tether “likes gold” but lacks a clear strategy.

Another commodities executive went further, describing Tether as “the weirdest company I have ever dealt with.” Such comments reflect ongoing uncertainty over how a crypto-native firm fits into the centuries-old gold industry.

Gold Prices at Record Highs

The timing of Tether’s reported interest coincides with a historic rally in gold prices. On Friday afternoon, the spot price hit a record $3,650 per ounce, underscoring the asset’s renewed appeal in uncertain macroeconomic conditions.