Tether's Gold Purchases Drop to 6 Tons in Q1

According to Reuters, Tether's quarterly report reveals that its gold purchases to support USDT reserves dropped to approximately 6 tons in the first quarter of this year, down from 27 tons in the fourth quarter of last year. As of the end of March, the value of gold in USDT reserves stood at $19.8 billion, approximately 132 tons, accounting for 10% of the reserves. The reserves are primarily composed of $117 billion in U.S. Treasury bonds and $7 billion in Bitcoin, with USDT circulation amounting to $189.5 billion. Tether's gold-backed token XAUT is supported by 22 tons of gold, with a circulation value of $3.3 billion. Combined, the two products hold approximately 154 tons of gold, which, if calculated as a central bank, would rank among the top 20 global gold reserves, just behind Brazil, which holds 172 tons. Tether CEO Paolo Ardoino stated that the company plans to allocate 10%-15% of its $20 billion portfolio to physical gold.