Tether CEO refutes claims that the firm sold Bitcoin and bought gold

Paolo Ardoino, CEO of Tether, the issuer of the largest stablecoin USDT, took to X connected Sunday to refute claims astir the steadfast selling its Bitcoin (BTC) to put successful gold. In his post, Ardoino wrote that “Tether didn’t merchantability immoderate Bitcoin,” adding that:

“While the satellite continues to get darker, Tether volition proceed to put portion of its profits into harmless assets similar Bitcoin, Gold and Land.”

How the rumor started

On Sept. 6, YouTuber Clive Thompson claimed that “recently, Tether has been buying golden and selling Bitcoin.” Thompson’s assertion was based connected an introspection of Tether’s statements of assets.

According to Thompson, Tether sold implicit $1 cardinal BTC and purchased implicit $1.6 cardinal golden successful the past quarter. This indicates that Tether is dumping Bitcoin successful favour of gold, arsenic per Thompson.

Flaws successful Thompson’s claims

Jan3 CEO Samson Mow pointed retired flaws successful Thompson’s mentation based connected nationalist data. In an X post, Mow explained that Thompson arrived astatine the incorrect decision since helium assumed that a autumn successful BTC holdings of Tether automatically meant they sold it for gold.

In the archetypal and 2nd 4th of this year, Tether reported holdings of 92,650 BTC and 83,274 BTC respectively. According to Mow, Thompson forgot to origin successful Tether’s backing of a abstracted task called Twenty One Capital (XXI). Tether transferred 14,000 BTC connected June 2 and 5,800 BTC successful July, sending a full of 19,800 BTC to XXI.

Therefore, Mow explained that Tether had 4,624 BTC much successful Q2 2025 than the erstwhile quarter. Accounting for July’s transfer, Tether “has (at least) a nett summation successful Bitcoin holdings of 10,424 BTC,” Mow wrote.

Consequently, Mow dismissed Thompson’s assertion arsenic “false” and labeled it a “desperate” effort to make bearish quality surrounding Bitcoin.

Tether’s deepening narration with Gold

The latest improvement surrounding Tether comes conscionable days aft the institution announced that it’s looking into investing successful golden mining firms. But Tether has been diversifying into golden for a while.

In June, the stablecoin issuer spent $90 million to get a important involvement successful a institution specializing successful golden royalties. Earlier this week, Tether announced that it volition determination different $100 cardinal into the aforesaid firm—Elemental Altus Royalties Corp.

Additionally, Tether issues the gold-backed stablecoin Tether Gold (XAUT)—XAUT is backed by astir 7.66 tons of gold stored successful Switzerland. Around 5% of USDT reserves is besides held successful golden by Tether.

The station Tether CEO refutes claims that the steadfast sold Bitcoin and bought gold appeared archetypal connected CryptoSlate.