Tether, the world’s largest stablecoin issuer, purchased approximately 6 metric tons of gold for its reserves in the first quarter, down from 27 tons in the October–December period, according to a quarterly report released on Friday.

The crypto company’s reserves to support Tether USDT hold $19.8 billion worth of gold as of March 31, equivalent to about 132 metric tons at the market price at the time, compared with 126 tons at the end of December.

Tether has $189.5 billion worth of USDT tokens in circulation and $3.3 billion worth of Tether XAUT gold tokens in circulation. Each dollar token represents one US dollar held in reserve, with the company holding assets of equivalent value when users provide dollars in exchange for USDT.

The reserves backing Tether USDT are mostly composed of US Treasury Bonds worth $117 billion, with gold representing 10% as of March 31. Bitcoin makes up $7 billion of those reserves.

For the Tether XAUT gold tokens, which are fully backed by gold, separate data shows Tether holds 22 tons of gold, up 6 tons from December 31.

In total, Tether holds 154 tons of gold for both of its products. If Tether were a central bank, the company would rank among the top 20 countries by gold reserves, behind Brazil, which has 172 tons according to data from the World Gold Council.