Tether Is Building Something Bigger Than USDT’s Reserves

Tether began with a relatively simple function. For every USDT put into circulation, the company needed to hold enough assets to ensure that the token could continue to be redeemed for one dollar. The larger the stablecoin became, the larger the reserve required to support it.That relationship still exists. But USDT’s scale has begun to create something that extends far beyond the token itself.In the first half of 2026, Tether purchased more than 27 metric tons of gold, a volume comparable