Tether has emerged as Gold.com's dominant creditor, supplying approximately $1.5 billion in financing to the major U.S. gold dealer. This funding covers the majority of Gold.com's $1.7 billion in outstanding precious-metal leases as of June.
The stablecoin issuer now controls one of the world's largest private gold hoards, totaling 146 tons valued at roughly $20 billion at current prices. Tether's accumulation pace last year surpassed the purchasing rates of nearly every central bank globally.
Tether generates purchasing power through USDT token issuance, exchanging them for dollars, then invests these proceeds into assets including U.S. Treasuries and physical gold.
Gold.com's June annual report detailed Tether was owed approximately $1.45 billion in payables and advances. This arrangement followed Tether's earlier acquisition of a 13 percent stake in Gold.com for $150 million.
A $100 million gold-leasing facility established in February carries an annual rate of 1.75 percent—a sharp discount compared to Gold.com's traditional bank credit facility at about 6 percent. Gold.com Chief Executive Greg Roberts said the deal provides cheaper liquidity than conventional dollar facilities.
The substantial cost advantage directly encourages Gold.com to rely on Tether for financing instead of traditional lenders. Both companies have formalized agreements to buy and sell precious metals to each other.
Tether stores its bullion holdings at Gold.com's facility in Las Vegas. Gold.com operates several major U.S. bullion brands, including A-Mark Precious Metals and JM Bullion.
Gold loans are a core component of the physical bullion market, allowing refiners, jewelers and other businesses to finance inventory without direct gold-price exposure or dollar-denominated debt. Tether has explored expanding its financing operations further into the sector, with individuals familiar with the matter indicating the crypto firm held meetings with Swiss gold refiners focused on providing financing to those operations. Record gold prices and market volatility have increased stress on banks' exposure to the sector, creating an opening for alternative financing.
