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Wu said he learned that Tether released a report stating that its gold token, Tether Gold (XAU₮), saw its reserves increase by 36% quarter-over-quarter in the first quarter, reaching 707,747 ounces—equivalent to a market value of approximately $3.3 billion and a new all-time high. The report shows that its circulating supply is 707,747 units, all backed 1:1 by physical gold. The report further indicates that, as of the end of 2025, its gold reserves were approximately 520,089 ounces, meaning a net increase of about 187,000 ounces in the first quarter. Tether said that, driven by macro uncertainty and rising gold prices, investor demand for safe-haven assets such as on-chain gold continues to grow.