Tether: Bitcoin, or Dollars, the Empire Built by Paolo Ardoino

Tons of gold, nearly 99,000 bitcoins, and over 184 billion dollars in USDT. Tether is looking less and less like a simple stablecoin issuer. The company is transforming part of the profits generated from its reserves into assets considered rare, primarily physical gold and Bitcoin. The results for the second quarter of 2026 illustrate this strategy. As of June 30, Tether reported 187.75 billion dollars in assets against 183.64 billion in liabilities, along with a net operating profit of 1.5 billion dollars. In parallel, the company added 14 tons of gold and about 1,800 BTC to its reserves. And Paolo Ardoino never misses an opportunity to express his admiration for the yellow metal... as well as for BTC.

Key Points {#h-key-points}

• Tether holds over 146 tons of physical gold (approximately 18.8 billion dollars) after adding 14 tons in the second quarter of 2026.
• 15% of operational profits have been allocated to Bitcoin since May 2023, amounting to 98,933 BTC on the balance sheet at the end of June.
• 183.6 billion dollars in USDT are in circulation, with the yield from Treasury bonds entirely benefiting the issuer.
• KPMG issued an unqualified opinion in August on Tether's 2025 accounts, which had previously published mainly quarterly attestations.

Tether accumulates over 146 tons of physical gold {#h-tether-accumulates-over-146-tons-of-physical-gold}

Tether has publicly stated it buys about two tons of gold per week. As of June 30, 2026, its reserves included more than 146 tons of physical metal, up from about 132 tons three months earlier. Their book value then reached nearly 18.8 billion dollars.

This accumulation is financed by the company's profits, not merely by the creation of new USDT. The yield from U.S. Treasury bonds and repurchase agreements constituted the main source of the 1.5 billion dollars in net operating profit recorded in the second quarter. Tether had already announced over 10 billion dollars in profits for the entire year of 2025.

Paolo Ardoino aims to allocate between 10 and 15% of Tether's own investment portfolio to physical gold. However, this proportion should not be confused with the complete composition of the reserves backing USDT, which remain predominantly composed of short-term liquid assets. Paolo Ardoino also explained to Reuters that the bars are stored in Switzerland.

The company is also developing Tether Gold (XAUT), a token representing ownership of physical gold. The metal backing these tokens is subject to separate tracking. Tether had recruited two former precious metals traders from HSBC, but their positions were eliminated in March 2026. Paolo Ardoino on the microphone of the podcast The Wolf Of All Streets preaches the good word -- Source: X Account

Nearly 99,000 Bitcoins in Tether's Reserves {#h-nearly-99-000-bitcoins-in-tethers-reserves}

Since May 2023, Tether has planned to regularly allocate up to 15% of its net operating profits to the purchase of Bitcoins. This is neither a fixed amount nor necessarily 15% of all accounting profits. The official policy notably excludes unrealized capital gains.

As of June 30, 2026, Tether held 98,933 BTC, which is about 1,800 more than at the end of the previous quarter. Their value recorded in the accounts reached nearly $5.8 billion. Paolo Ardoino presents Bitcoin as a diversification asset and a long-term hedge against monetary erosion.

These regular purchases represent a significant source of demand, but their effect on the market should not be overstated: Tether invests <> 15% of its realized profits and retains the ability to adjust its acquisitions. He never misses an opportunity to criticize current currencies and encourages everyone to buy gold and BTC -- Source: X Account

USDT remains the true economic engine of Tether {#h-usdt-remains-the-true-economic-engine-of-tether}

Approximately $184.6 billion of USDT were issued as of June 30. Users do not perceive the interest generated by the assets held in reserve: Tether retains the yield from Treasury bills and other instruments used to back its tokens. This mechanism is the core of its business model.

However, diversification into gold and Bitcoin increases the balance sheet's exposure to market fluctuations. Despite its acquisitions, the book value of the two positions declined in the second quarter. The surplus of assets over liabilities thus fell from about $8.23 billion to $4.11 billion, while remaining positive. Tether's quarterly figures confirm $187.75 billion in assets against $183.64 billion in liabilities.

The company's transparency has also evolved. After years of quarterly attestations limited to a snapshot of reserves, KPMG published an unqualified opinion in August 2026 on the complete accounts of Tether International for the fiscal year 2025.

With over $184 billion in USDT, 146 tons of gold reported in its reserves, and nearly 99,000 BTC, Tether now occupies a major position at the intersection of the bond, gold, and crypto markets.

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