[Analysis] Tether's 'Gold Power' Declaration: Entering the Lending Market Using $23 Billion Gold Reserves and Its Implications

As of July 13, 2026, Tether is transforming from a simple custodian of gold reserves into an active institutional lender. This strategic shift, utilizing a gold stockpile valued at approximately $23 billion, marks a significant evolution for the world's largest stablecoin issuer.

According to reports released today, Tether now holds more gold than many central banks around the world. Based on this asset scale, Tether is further solidifying its position as a liquidity provider in the virtual asset market.

Tether's gold reserves have now grown to a level comparable to national reserves. According to recent financial analysis, the value of gold held by Tether reaches approximately $23 billion, and the company has formalized plans to use this to facilitate lending. This demonstrates that Tether has established itself as a major player in the global financial market, beyond being just a stablecoin issuer.

Tether is now evolving beyond a simple stablecoin issuer into a global financial institution with national-level asset control.

Tether and Ledn are scheduled to provide gold-backed lending services during the second half of 2026. As reported at the end of June 2026, this program is expected to diversify Tether's revenue structure while providing gold holders with opportunities to expand the utility of their assets. This will be the first major instance of Tether deploying its massive physical assets into productive financial activities.

Gold Purchase Volume Overwhelming National Central Banks

Tether's gold accumulation rate exceeds that of major national central banks. As of the first quarter of 2026, Tether's gold holdings reached 132 tons, with 73.6 tons purchased over the last six quarters. This figure is significantly higher than the 49.1 tons purchased by the People's Bank of China (PBoC) during the same period, suggesting that Tether's purchasing power is comparable to that of national economies.

• Tether's cumulative gold purchases over 6 quarters: 73.6 tons
• People's Bank of China (PBoC) cumulative purchases: 49.1 tons
• Tether's total holdings as of Q1 2026: 132 tons

These aggressive asset purchases are based on Tether's strong financial performance. Tether recorded $15 billion in revenue throughout 2025 and achieved a net profit of $1.04 billion in the first quarter of 2026. To support its core operations, the company maintains $141 billion in direct and indirect exposure to U.S. Treasuries, which is a key factor underpinning Tether's financial stability.

Tether's strategic moves continue in July 2026. On July 7, Tether made a $20 million investment for the expansion of Mercado Bitcoin. On the same day, a $2.5 billion USDT burn was carried out on the Ethereum network in response to customer redemption requests, adjusting the supply. This is analyzed as part of natural asset management based on market supply and demand.

Market Liquidity Competition and Strengthening Transparency

Tether's actions contrast with the asset strategies of other major companies. As of July 13, 2026, MicroStrategy secured $3 billion in cash reserves through stock sales but did not proceed with additional Bitcoin purchases. Meanwhile, Robinhood Chain has emerged as a new powerhouse in the Layer 2 market, with weekly trading volume surpassing $3.1 billion since its launch on July 1.

To ensure transparency in its asset composition, Tether issues quarterly attestation reports through BDO Italia. As of the first quarter of 2026, approximately 80% of USDT reserves consist of U.S. Treasuries, with the remainder diversified into repos, gold, Bitcoin, and more. This diversified portfolio is Tether's unique risk management strategy to respond to market volatility.

In conclusion, Tether's entry into gold-backed lending is evaluated as an attempt to break down the boundaries with the traditional financial system while simultaneously increasing the stability of the stablecoin ecosystem. As physical assets consisting of $23 billion worth of gold are utilized as collateral in the lending market, institutional investors' market participation is expected to accelerate further, and Tether's financial influence is likely to expand even more.