<div id="readability-page-1">LONDON, May 1 : Tether, issuer of the world's largest stablecoin, slowed its purchases of gold for its reserves to back Tether USDT in the first quarter to about 6 metric tons from 27 tons in October-December, its quarterly report showed on Friday. The crypto company became a significant buyer of gold last year for its reserves to back the Tether USDT stablecoin, a digital dollar with $189.5 billion worth of tokens in circulation, and the Tether XAUT gold token with $3.3 billion in circulation. Each Tether-issued dollar token is intended to represent one U.S. dollar held in reserve. When a user provides Tether with a dollar, the company issues one USDT and holds assets of equivalent value, such as U.S. Treasury bills. Those reserves are meant to ensure that USDT can be redeemed for dollars if need be. Tether XAUT stablecoin is fully backed by gold. Reserves to back Tether USDT had stocks of gold worth $19.8 billion as of the end of March, the report showed. That would be equal to about 132 metric tons of gold at the market price at that time, versus 126 tons as of the end of last December, according to Reuters calculations. The reserves backing Tether USDT are predominantly U.S. Treasury Bills, worth $117 billion, with gold representing only 10 per cent as of the end of March. Bitcoin made up $7 billion of the reserves. For the Tether gold token, XAUT, separate data showed Tether currently holds 22 tons of gold to back it up, up 6 tons from the end of December. In total, data indicates that Tether currently holds 154 tons of gold for its two products. If it was a central bank, it would be among the top 20 countries by gold reserves, behind Brazil, which, according to the World Gold Council's data, owns 172 tons. El Salvador-headquartered Tether doesn't disclose its total bullion holdings but they are probably larger: CEO Paolo Ardoino told Reuters in January that the company aimed to allocate 10 per cent–15 per cent of its own $20-billion investment portfolio to physical gold. The group planned to actively manage its own investment into gold by hiring two major traders in late 2025 but then let them go in March, a source told Reuters. The approach proved unviable because of a supervising structure above the traders that became an organisational constraint, four sources familiar with the matter said.     &#34;It just did not work,&#34; one of them said.</div>

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<p>Tether has reduced its gold purchases for USDT reserves to 6 metric tons in Q1, down from 27 tons in the previous quarter. As of March, Tether's gold reserves for USDT reached 132 tons, valued at $19.8 billion, while its gold token, XAUT, holds 22 tons. Tether's reserves primarily consist of U.S. Treasury Bills, with gold making up only 10%. The company plans to allocate 10%-15% of its $20 billion investment portfolio to gold but faced challenges in managing this strategy.</p>

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Tether slows gold purchases for USDT reserves in first quarter, data shows