Tether has become Gold.com's dominant creditor, providing approximately $1.5 billion in financing for the major U.S. gold dealer's $1.7 billion in outstanding precious-metal leases as of June.
The move marks a significant shift in how Tether deploys its USDT reserves. The stablecoin issuer now commands one of the world's largest private gold hoards at 146 tons, valued at roughly $20 billion at current prices. That accumulation accelerated last year, outpacing nearly every central bank's purchasing pace.
Tether generates purchasing power by issuing USDT tokens in exchange for dollars, then investing proceeds into assets including U.S. Treasuries and physical gold. Gold.com's June annual report showed Tether was owed roughly $1.45 billion in payables and advances from the dealer. The financing followed Tether's earlier $150 million purchase of a 13 percent stake in Gold.com.
A specific $100 million gold-leasing facility agreed in February carries a 1.75 percent annual rate—a sharp discount to Gold.com's bank credit facility, which stood at approximately 6 percent. The cost advantage directly incentivizes the dealer to rely on Tether rather than traditional lenders.
Gold.com Chief Executive Greg Roberts said during an earnings call that the deal offers cheaper liquidity than traditional dollar facilities. Both companies formalized agreements to buy and sell precious metals to each other, with Tether storing its bullion at Gold.com's Las Vegas facility. Gold.com operates major U.S. bullion brands including A-Mark Precious Metals and JM Bullion.
Gold loans form a core component of the physical bullion market, enabling refiners, jewelers, and businesses to finance inventory without taking direct gold-price exposure or dollar-denominated debt. Tether has explored expanding its financing operations further—people familiar with the matter indicate the crypto firm met with Swiss gold refiners to discuss providing financing as record prices and market volatility stressed banks' exposure to the sector.
