Tether, the issuer of the world’s most popular stablecoin USDT, is unexpectedly broadening its horizons — this time into physical gold mining and trading. According to the Financial Times, the crypto giant is in talks over a series of deals in the gold sector, ranging from direct investments in mine development to stakes in royalty companies earning a percentage of operating mines’ revenues.
The first confirmed step was a $105 million minority investment in Canada’s Elemental Altus, an investment company specializing in gold royalties. Talks were also held with Terranova Resources but did not lead to a deal. Still, the very fact of Tether entering the commodities sector marks a new chapter in the company’s strategy, previously focused mainly on digital assets and blockchain infrastructure finance.
The interest in gold is no coincidence. Tether has long issued XAUt, a token backed by physical gold stored in Zurich. Its capitalization stands at $880 million with about $8.7 billion in gold bars held as collateral. Yet until now gold had been merely a backing instrument; today Tether aims to take part in the real‑world economy of extraction and processing.
Industry reactions are mixed. Sources interviewed by FT point to a lack of transparency and strategic clarity at the crypto company. One gold‑mining executive said Tether “has no clear strategy,” while another called it “the strangest company” he had ever dealt with.
The skepticism is understandable: combining the highly volatile crypto economy with the conservative commodities business remains exotic. Yet the trend is clear — Tether is evolving into a new‑type financial holding able to integrate classic assets into the digital ecosystem. This may signal both growing diversification and resilience, as well as an attempt to hedge against regulatory pressure and a saturated stablecoin market.
