- Tether is assessing investments in gold mining, refining, trading and royalty firms using crypto-derived profits.
- The company holds about $8.7bn of bullion and acquired roughly 32% of Elemental Altus in June 2025.
Tether is exploring the deployment of recent crypto profits into the gold supply chain, in a move that would extend the stablecoin group’s diversification beyond digital assets and energy ventures.
Tether weighs stakes across mining, refining and royalty segments as bullion holdings grow
People familiar with the discussions said the group has held talks with mining operators, refiners, trading houses and royalty companies to evaluate minority and structured positions. Any transactions would seek exposure to cash flows from ore production and processing rather than outright control of operating assets. The company has not signed definitive agreements and could still decide against an investment depending on due diligence and pricing.
Tether’s interest follows its accumulation of gold reserves that now total roughly $8.7 billion held in a Zurich vault to support parts of its reserve portfolio alongside short-dated US Treasuries. Executives have described gold as complementary to bitcoin and as a liquid collateral asset within the firm’s treasury mix. The group also issues the XAUt token, a gold-backed product that remains small relative to USDT by market value.
June stake in Elemental Altus signals preference for royalty exposure over direct mine ownership
In June 2025 Tether Investments acquired approximately 32 percent of Elemental Altus Royalties, a Toronto-listed company that finances mines in exchange for revenue-linked streams. That deal indicated a preference for diversified royalty cash flows that avoid the operating and permitting risks associated with running mines. The group has also sounded out additional royalty and streaming opportunities, according to people briefed on the talks.
The timing coincides with record bullion prices, which have lifted royalty company valuations and improved sector financing conditions. Spot gold has climbed above $3,600 per ounce this week amid expectations of lower US interest rates and a weaker dollar, adding macro context to potential capital deployment by crypto-native firms seeking non-correlated income streams.
Industry executives from traditional mining groups have privately questioned the strategic rationale and governance approach of a stablecoin issuer entering hard-asset extraction and trade finance. Supporters counter that royalty and streaming contracts can be structured with clear covenants, audited delivery data and off-take verification, limiting operational exposure while providing indexed yield. Tether’s deliberations remain ongoing and no final timetable has been communicated.
At the time of press, Tether (USDT) remained remarkably stable at $1.000 000, reflecting effectively no change (0.0 %) from 24 hours prior.
