Tether, the world’s largest stablecoin issuer, has reportedly been in discussions with mining and investment groups to deploy billions into the gold industry, according to a Financial Times report late Thursday.
The talks reportedly span mining, refining, trading, and royalty companies, following chief executive Paolo Ardoino’s view of gold as “the natural Bitcoin.”
“I prefer to think in Bitcoin terms, and I think gold is kind of a resource of nature and is almost like the natural Bitcoin,” Ardoino said onstage at the Bitcoin 2025 conference back in May.
Tether is also moving to deepen its role in the sector, planning to spend about $100 million more to increase its previous 37.8% stake in Toronto-listed Elemental Altus Royalties, a Canadian firm that buys future revenue streams from gold mines, according to a report from Bloomberg early Friday.
"Access to capital is one of the key constraints in the royalty and streaming business; Tether’s support is fully aligned with our growth strategy," David Baker, CFO at Elemental Altus Royalties, said in a statement shared with Decrypt. He added that, "Since their first investment in June, Tether has been very supportive of the company and management," noting that prior to the merger announcement the firm had announced almost $70 million of gold royalty acquisitions in Australia and Liberia.
Tether is already among the world’s biggest private holders of the metal. The company disclosed $8.7 billion in gold bars held in a Zurich vault in its Q2 2025 attestation report, collateralizing part of its operations. In 2020, the firm launched Tether Gold, a gold-backed stablecoin backed by more than 7.7 tons of the precious metal, according to an April 2025 attestation report by accounting firm BDO Italia.
Tether did not immediately return Decrypt's request for comment.
El Salvador’s first gold buy in 35 years
Tether’s gold push comes as Banco Central de Reserva, El Salvador's central bank, announced its first bullion purchase in 35 years, buying 13,999 troy ounces for $50 million, raising the country’s holdings to 58,105 ounces, worth an estimated $207 million.
The central bank characterized the purchase as a diversification play for its $4.7 billion in foreign reserves, according to a syndicated report from Agencia EFE.
El Salvador has already accumulated more than 6,200 bitcoin, now valued at over $706 million based on current prices, according to data from Bitcoin Treasuries. Earlier this week, the country’s Bitcoin Office confirmed that it has moved its crypto holdings to new addresses, following security concerns.
These moves suggest that large sovereign Bitcoin holders, such as El Salvador, and major crypto industry names, including Tether, are beginning to frame gold as a complementary hedge, treating it less as a rival asset and more as a partner in diversification strategies.
A source working on Tether's regional expansion efforts declined to comment, citing internal policies, and instead directed Decrypt to Ardoino’s interview with Anthony Pompliano in August, where he argued that gold could be viewed as a counterweight to fiat, not a rival to Bitcoin.
In the interview, Ardoino suggested traders might choose to rotate into bullion at cycle peaks, given its 6,000-year history and scale as a reserve asset.
“There is time for everything, and I think that when [...] if the world will go to hell in the next 5 years, there’s good chances that part of the reset will happen in gold,” Ardoino said.
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