Brothers, Tether's "gold rush" has cooled down! Our country's most printing-capable "money printer" just released its Q1 2026 earnings report, with an astonishing amount of information. I'll highlight the key points for everyone: it used to be "buy, buy, buy," now it's "hold back." Tether used to buy gold with the enthusiasm of an auntie entering a jewelry store. Last Q4, they bought 27 tons, but in Q1 this year, they directly "fired on all cylinders," only buying 6 tons. Is it because they have no money? Don't be silly. The backend of USDT is rock solid: holding 117 billion USD in US Treasuries (Americans: you are the big boss), and 7 billion USD in Bitcoin. Gold reserves: backing USDT with 132 tons of gold (about 19.8 billion USD), firmly accounting for 10% of reserves. Here's the key point: the team buying gold has disbanded! Originally, Tether announced plans to convert 10%-15% of assets into large gold bars, but suddenly in March, they dissolved the team responsible for gold purchases! Rumor has it due to "management structure restrictions"—in plain language: internal company conflicts or bureaucratic hurdles. Tether's current "treasure chest" overview: Asset Type Reserve Size Remarks US Treasuries $117 billion The real "cash cow" backing USDT Gold 132 tons about $19.8 billion, accounting for 10% of total reserves Bitcoin $7 billion real digital gold XAUT backing gold 22 tons specifically for gold-backed stablecoin