Bitcoin and gold: Tether's new reserve model

In an ecosystem where every decision of cryptocurrency leaders reshapes the market balance, Tether demonstrates its ambitions. From the Bitcoin 2025 stage in Las Vegas, Paolo Ardoino revealed that the USDT issuer holds over 100,000 bitcoin and 50 tons of gold. It is no longer just a stablecoin company: it is a strategic asset company. By revealing these reserves, Tether not only reassures but also affirms its role in the new global financial architecture. Tether shows its treasury: An unprecedented treasure While Tether voluntarily maintains its position outside the European market, refusing to comply with the MiCA regulations as Paolo Ardoino explained, the company continues to achieve noteworthy financial results. In his presentation at the Bitcoin 2025 conference in Las Vegas on May 29, 2025, the CEO showcased a slide that immediately captured the audience's attention. This slide displayed the latest updated data on the assets that the company holds. Surprising everyone, Ardoino revealed that Tether currently holds over 100,000 Bitcoin, worth more than 10 billion USD, as well as over 50 tons of physical gold. "Tether is probably the most profitable company in the cryptocurrency industry," he stated to the audience. This statement is backed by the impressive figure of 13 billion USD in net profit achieved in 2024. This data supplements and updates the figures that have been published in Tether's official report at the end of the first financial quarter of 2025. This document states that: Bitcoin reserves are valued at over 7 billion USD, based on an average price of 83,000 USD/BTC; Gold reserves are represented in the form of standardized physical gold bars, valued at over 6 billion USD; These assets are intended to support the circulation of the stablecoin USDT, the most widely used currency worldwide. By demonstrating such transparency about its holdings, Tether sends a strong signal to the market. The company aims to bolster its credibility and respond to the persistent criticisms regarding the composition and robustness of its reserves. An iconic and strategic choice: Tether redefines its role in the ecosystem. By integrating gold into its reserves, Tether not only diversifies its assets. It sends a message to both ends of the financial spectrum. Aware that this decision may raise questions from an audience primarily composed of Bitcoin maximalists, Paolo Ardoino has sought to dispel any ideological ambiguity. He has made it clear: Many bitcoin users do not like to talk about gold, as if it could take something away from bitcoin. That's not the case. Bitcoin is perfect. Gold is not perfect. However, gold does not compete with bitcoin; it competes with fiat money. And that is why we like to have a little gold. This perspective clarifies a practical approach: gold is not meant to compete with BTC, but to serve as a better alternative against fiat currencies. This position aligns with the broader global movement reshaping the role of cryptocurrency treasuries, in which some companies like Twenty One Capital have recently purchased 458 million dollars worth of bitcoin, or Cantor Fitzgerald, a company that has launched a BTC investment fund that includes gold, also applies similar strategies. It is not by chance that Tether's choice reflects the desire to hold itself in an almost systematic logic, similar to that of a private central bank of cryptocurrency, capable of operating without being affected by the specific fluctuations of the dollar. In the future, this dual reserve of bitcoin and gold may enhance the resilience of the Tether model, while providing USDT with an elevated status as a cryptocurrency backed by hard assets. If this strategy instills confidence, it also raises the question: should it be seen as the dawn of a new era for stablecoins, with demand surging, or the beginning of a shift towards even greater market power concentrated in the hands of a few private giants? The industry will need to closely monitor the development of this strategy in the context of increasing regulation and macroeconomic uncertainty.