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Tether, the issuer of the world's largest stablecoin, reduced its gold purchases in the first quarter to approximately 6 tons. For comparison: in the fourth quarter of 2024, the company bought 27 tons. The data is provided in the company's quarterly report.
The metal goes into reserves backing two products — Tether $USDT ($USDT), a digital dollar with a circulating token volume of $189.5 billion, and the "gold" Tether Gold (XAUT) coin with a capitalization of about $3.3 billion.
Each issued dollar token corresponds to one US dollar in reserves. When a user deposits fiat, the company issues $USDT and holds assets of equivalent value — for example, US Treasury bills. This guarantees the ability to exchange the token for US currency. Tether XAUT is fully backed by gold.