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By the end of March, the backing of $USDT included gold worth $19.8 billion. According to Reuters calculations, this is about 132 tons at market prices—compared with 126 tons at the end of December.
The reserves are primarily made up of U.S. Treasury bills worth $117 billion; the share of precious metals at the end of March is about 10%. Bitcoin ($BTC) accounted for $7 billion: in total, the company holds 97,204 $BTC. Since 2023, Tether has been allocating up to 15% of its quarterly net profit to purchasing the first cryptocurrency.
To back XAUT, Tether has 22 tons of gold—6 tons more than at the end of December. In total, the company holds 154 tons of gold for both products.
If the issuer $USDT were a central bank, it would rank in the top 20 for gold reserves—behind Brazil. Brazil, according to the World Gold Council, holds 172 tons.