Tether lends $1.5 billion in gold to top US dealer

Tether, the company behind the world's largest stablecoin USDT Tether, has become a major bullion lender, providing approximately $1.5 billion in financing to Gold.com, one of the largest precious-metals dealers in the United States, according to Bloomberg.bloomberg

The crypto giant accounted for the majority of Gold.com's $1.7 billion in outstanding precious-metal leases as of the end of June, with the dealer owing Tether about $1.45 billion in payables and advances during the same period. The balance nearly quadrupled in just three months, rising from $360 million at the end of March.hokanews+2

From Gold Buyer to Gold Lender

The arrangement marks a shift in Tether's gold strategy. Rather than simply holding bullion as a reserve asset, the company is now lending physical gold from its stockpile of more than 146 metric tons — worth roughly $20 billion — and collecting fees on the loans. Gold leasing has long been a staple of the global precious-metals market, but it has historically been dominated by large multinational banks. Tether is now stepping into that role.moomoo+1

Under a $100 million gold-leasing agreement signed with Gold.com in February, Tether charges an annual rate of 1.75%, according to a term sheet filed with US securities regulators. That compares favorably to the roughly 6% cost of dollar-denominated bank credit available to Gold.com at the time. Greg Roberts, Gold.com's chief executive, described the transactions as "an opportunity to secure liquidity more cheaply than dollar-denominated credit lines".bloomingbit+1

A Deepening Partnership

The financing relationship grew out of Tether's $150 million equity investment in Gold.com earlier in 2026, which gave the stablecoin issuer approximately 13.3% of the dealer's outstanding shares and a board nomination right. The original deal included a gold-leasing facility of at least $100 million, but the commercial arrangements have since expanded to cover trading, storage, and other activities. Gold.com also agreed to invest $20 million of the proceeds from Tether's equity stake into XAU₮, Tether's gold-backed digital token.hokanews

Gold.com owns major US precious-metals brands including A-Mark Precious Metals and JM Bullion. Roberts said during a recent earnings call that there is "substantial room for collaboration" between the two companies.moomoo

Broader Ambitions in Gold Finance

Bloomberg also reported that Tether has approached several Swiss gold refiners about providing financing, seeking to expand its gold-leasing business beyond the United States. The outreach came after record-high gold prices and sharp price swings earlier this year put pressure on traditional bank financing for refiners, creating an opening for alternative lenders.bloomingbit+1

For Tether, which reported approximately $1.5 billion in net operating profit for the second quarter of 2026, the gold-lending operation turns a non-yielding reserve asset into a revenue stream — while concentrating a large financial exposure in a single counterparty and a single commodity.hokanews