Ardoino's thesis: why the USDT reserve relies on bitcoin and gold

A short post on social network X from Tether CEO Paolo Ardoino, where he stated that "Bitcoin and Gold will outlast any other currency," instantly caught the attention of investors. The phrase sounds laconic, but reflects the USDT issuer's long-standing policy: the company allocates up to 15% of net profit to bitcoin purchases, strengthening its balance sheet with a long-term storage asset, while gold is gradually becoming the second pillar of the strategy.

The starting point is May 2023, when Tether first recorded its intention to buy up BTC at the expense of profits. The coins go into "excess capital" and do not serve as direct collateral for the circulating stablecoin. This approach reduces the balance sheet's dependence on interest rates and creates a liquidity cushion that is not affected by USDT issuance. Over two years, the program has shown flexibility: the volume of bitcoin in assets is growing despite market fluctuations.

Gold complements the scheme through the XAUt token, fully backed by secured bullion. As of June 30, 2025, there were more than 7.66 tons of the metal under depository control. In July, the company confirmed talks about possible investments in the mining and refining sector to extend the value chain around tokenized gold. Being tied to a physical resource enhances diversification and creates a natural hedge against inflation.

Ardoino mentioned "bitcoin, gold and land" back in the fall as a trio of protective assets against depreciating fiat. At the same time, he dismissed speculation that some BTC was sold for the sake of buying metal, emphasizing the goal of building up both in parallel. The next report on reserves is expected in late October or early November, and the market will track the change in shares with interest.

The context strengthens Tether's position: the dollar index has shed nearly 9% since the beginning of the year, while bitcoin is up 22% and gold is up more than 52%. This alignment makes the issuer's choice understandably pragmatic. Betting on uncorrelated assets increases the resilience of the largest stablecoin and reduces sensitivity to money market cyclicality.

Observers note that the gradual shift of a portion of profits into bitcoin and gold not only protects capital, but also forms an additional media effect: each public statement of top management fuels interest in the reserve policy, strengthening the confidence of holders. Against this background, USDT retains its safe haven status, and the pair "BTC + XAUt" turns into a symbol of Tether's long-term confidence.