Paolo Ardoino, CEO of Tether, the issuer of the most important stablecoin USDT, took to X on Sunday to refute claims concerning the agency promoting its Bitcoin (BTC) to put money into gold. In his submit, Ardoino wrote that “Tether didn’t promote any Bitcoin,” including that:
“Whereas the world continues to get darker, Tether will proceed to take a position a part of its earnings into protected property like Bitcoin, Gold and Land.”
How the rumor began
On Sept. 6, YouTuber Clive Thompson claimed that “lately, Tether has been shopping for gold and promoting Bitcoin.” Thompson’s assertion was primarily based on an examination of Tether’s statements of property.
In response to Thompson, Tether bought over $1 billion BTC and bought over $1.6 billion gold within the final quarter. This means that Tether is dumping Bitcoin in favor of gold, as per Thompson.
Flaws in Thompson’s claims
Jan3 CEO Samson Mow identified flaws in Thompson’s idea primarily based on public information. In an X submit, Mow defined that Thompson arrived on the improper conclusion since he assumed {that a} fall in BTC holdings of Tether robotically meant they bought it for gold.
Within the first and second quarter of this 12 months, Tether reported holdings of 92,650 BTC and 83,274 BTC respectively. In response to Mow, Thompson forgot to consider Tether’s funding of a separate venture known as Twenty One Capital (XXI). Tether transferred 14,000 BTC on June 2 and 5,800 BTC in July, sending a complete of 19,800 BTC to XXI.
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Subsequently, Mow defined that Tether had 4,624 BTC extra in Q2 2025 than the earlier quarter. Accounting for July’s switch, Tether “has (at the least) a web enhance in Bitcoin holdings of 10,424 BTC,” Mow wrote.
Consequently, Mow dismissed Thompson’s declare as “false” and labeled it a “determined” try to create bearish information surrounding Bitcoin.
Tether’s deepening relationship with Gold
The newest growth surrounding Tether comes simply days after the corporate introduced that it’s trying into investing in gold mining companies. However Tether has been diversifying into gold for some time.
In June, the stablecoin issuer spent $90 million to amass a considerable stake in an organization specializing in gold royalties. Earlier this week, Tether introduced that it’s going to pour one other $100 million into the identical agency—Elemental Altus Royalties Corp.
Moreover, Tether points the gold-backed stablecoin Tether Gold (XAUT)—XAUT is backed by about 7.66 tons of gold saved in Switzerland. Round 5% of USDT reserves can be held in gold by Tether.
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