This comes following Tether’s focus on high-liquidity assets. aUSDT was created in June 2024 as a dollar-denominated stablecoin. The coin is minted by using Tether Gold (XAU₮) as overcollateralization (a case where more collateral is deposited than the tokens created to maintain solvency and price stability under market stress). The adoption of the asset has been limited. However, its market capitalization currently stands at about $1.2 million against 14.73 kilograms of gold valued at $2.2 million. Minting of the token has already been deactivated.

Tether deactivates its AUSDT project

Tether informed its users on June 17 that it had upgraded the Alloy by Tether platform to prevent the creation of new positions. Holders of aUSDT tokens will only be able to redeem their tokens and retrieve their XAU₮ collateral until September 17, 2026. The company said the decision followed a review of user activity, liquidity conditions, and strategic priorities.

In spite of the discontinuation of aUSDT from Tether’s list of available assets, XAU₮ still remains one of the most valuable cryptocurrencies within the Tether stablecoin group. XAU₮ represents a digital blockchain asset fully backed by gold bars, which can be redeemed according to certain rules. This asset reflects direct ownership of the precious metal. There are more than 22,000 kilograms of real gold backing XAU₮, while its market capitalization is estimated at $3 billion.

Moreover, the quantity of gold assets kept by Tether has risen as well. The increase happened in early 2026, when the amount of gold assets rose from 520,089 troy ounces to 707,747 ounces, and their value increased from $2.25 billion to $3.3 billion during the period from the end of 2025 until March 31. Tether CEO Paolo Ardoino had stated that tokenized gold demonstrates “seriousness, scale, and reserve discipline” similar to institutional-grade holdings.

The company plans to go bigger on XAU₮ and USDT

The tokenized gold market as a whole is also growing. Industry analysis suggests that adoption of blockchain-based gold is rising fast, with Tether Gold taking a big slice of the sector as tokenized commodities are taking off. aUSDT is just another in the series of products that Tether has ceased to produce. This happened back in February 2026 when Tether decided to stop producing its offshore Chinese yuan stablecoin CNH₮ due to low utilization and lack of demand for the product.

The process was similar to the current one, where the company first suspends production before allowing redemptions. This trend reflects the company’s move to focus on the most liquid and adopted products like USDT and XAU₮, and to retire experimental assets. Tether’s continued focus on tokenization through gold-backed instruments also comes amid the increased institutional demand for real-world asset digitization.

Bybit launched XAU₮ options on June 12, introducing what may be the first derivative instrument linked to a tokenized commodity listed on a reputable exchange. Also, Tether and the Dubai Multi Commodities Center (DMCC) inked a memorandum of understanding to tokenize other commodities using their large community of more than 26,000 member organizations. Earlier, Tether had also made an investment of $150 million in Gold.com (formerly A-Mark Precious Metals), with part of the capital used towards increasing XAU₮ holdings.

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The Seoul Metropolitan Police Agency’s Metropolitan Investigation Unit said it referred all 56 suspects to prosecutors on charges including violations of the Foreign Exchange Transactions Act and the Specific Financial Information Act. Nine of the 56 arrested suspects, led by a person identified only by the initial “A” who is believed to be based in Cambodia, received Tether from foreign exchanges between February 2024 and April 2025. They sold the tokens on South Korean platforms and routed the won proceeds into shell-company accounts that the organizer controlled.

South Korean police nabs 56 suspects in latest bust

Investigators traced approximately 14 billion won through the channel maintained by the syndicate. A second cluster of 14 suspects operated inside what police described as a romance-scam cell also run from Cambodia. That group converted roughly 2.8 billion won in fraud proceeds into Tether on domestic exchanges, switched it back to local currency, and wired the cash to the organization’s leadership. Police in Daegu had already arrested and charged these individuals with defrauding 79 South Korean victims of about 4.4 billion won.

The remaining 33 suspects ran a separate illegal currency-exchange service for foreign tourists and personal contacts where they charged flat fees to buy Tether on one exchange, transfer it to another, and pay out in foreign currency or won, handling an estimated 6.3 billion won. An analysis of roughly 11,300 accounts linked to the first two groups of suspects uncovered 265 confirmed cases of voice phishing and investment fraud totaling about 25.7 billion won ($17.1 million) in victim losses.

South Korean Police said the money gotten from phishing scams was recycled as “bait funds” after they were laundered. These funds are the initial payouts scammers use to simulate returns and lure victims into larger deposits. Investigators seized approximately 650 million won in criminal proceeds before indictment. So far, the organizer of the operation known as “A” remains at large, under an Interpol red notice. South Korea has put in a lot of work toward curbing the rise of crypto-enabled money laundering.

In January, customs authorities dismantled a separate $107 million laundering ring operated by three Chinese nationals who disguised the illicit transfers as payments for cosmetic surgery and university tuition over four years. In March, the Financial Supervisory Service, Korea Customs Service, and nine credit card companies signed an agreement to share overseas card-usage data in real time.

The operation specifically targeted phishing groups that operate across borders and move stolen funds through international card transactions and crypto exchanges. Separately, Bithumb, South Korea’s second-largest crypto exchange, severed ties with payment processor Heleket in May after blockchain intelligence firm TRM Labs linked the service to a Russia-connected platform fined nearly CAD 177 million by Canadian regulators for money-laundering and terrorism-financing violations.

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According to previous reports, companies like Ripple, Cosmos Labs, and Tether have also been looking to get on the moving train. In its official announcement, a16z stated that it chose to launch its first Asian office in Korea after evaluating the country’s technical workforce, consumer adoption rates, and competitive position across multiple industries ranging from AI and manufacturing to defense and content. The company first announced plans to expand into Asia in December 2025.

a16z makes inroads into Asia with Korean office

In its announcement, a16z noted that roughly one in three Korean adults holds crypto, representing a participation rate that is higher than the stock-market ownership in the country. The firm noted that South Korea is the “second-largest crypto market” globally by trading activity. Other major crypto firms have been making similar expansions into Korea over the past two months. For instance, Tether filed seven trademark applications with Korea’s intellectual property office in May.

In addition, Circle CEO Jeremy Allaire toured Seoul, meeting executives at KB Financial Group, Shinhan Financial Group, and Hana Financial Group, while Ripple signed pilot programs with KBank, a local financial institution, back in April. Cosmos Labs acquired the Mintscan blockchain explorer and set up a Seoul subsidiary the same month. Korea is also preparing its Digital Asset Basic Act that will require foreign stablecoin issuers to maintain domestic branches if they want to distribute tokens locally.

By establishing a physical presence now, a16z is positioning itself and its portfolio companies to comply with these rules before they officially take effect. a16z has shared that its Seoul operation will start with crypto-focused work and then widen its scope over time. Sungmo Park, who joined a16z as its crypto Asia-Pacific go-to-market lead when the Asia expansion was announced in December, will run the Seoul office. Park previously held APAC roles at Monad Foundation and Polygon Labs and speaks Korean, Japanese, Chinese, and English.

Unlike Circle, which has signed partnerships with exchanges Dunamu (operator of Upbit) and Bithumb while telling Korean media it would seek a local subsidiary and license, a16z does not require a license, nor does it intend to launch a product. Instead, it is building go-to-market infrastructure so its existing portfolio companies, which span crypto protocols, infrastructure, and applications, can reach Korean users and partners more easily.

Due to South Korea’s proposed Digital Asset Basic Act, a lot of foreign crypto firms are already jockeying for a position in the country. Also, the firm is yet to disclose which portfolio companies will be first to use the Seoul office for market entry, but Park’s mandate covers all of Asia-Pacific, so the office could also serve as a staging point for expansion into Japan, Singapore, and India, all markets a16z flagged as high-growth in its December announcement.

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The spot on Twenty One Capital’s (XXI) audit committee became empty after Tether purchased all 89.1 million shares SoftBank held in XXI for approximately $711 million on May 20. The deal gave Tether uncontested control as the majority shareholder of the Bitcoin treasury company, which holds more than 43,500 BTC. Once the deal closed, SoftBank’s representatives had to leave the board, including the one who served on the audit committee.

Tether fills vacant slot on Twenty One Capital’s board

Tether has now filled that spot with an independent director that it says meets the tough independence rules. The rules in question come from the Securities Exchange Act (Rule 10A-3) and the NYSE Listed Company Manual (Section 303A.02). These rules are designed to make sure audit committee members can oversee the company fairly without conflicts of interest.

Paolo Ardoino, Tether’s CEO, said in the announcement that a great deal of rigor was put into finding the best candidate to deliver thorough and independent oversight. “The strength of the oversight needs to match the strength of the balance sheet,” Ardoino said, but Tether did not reveal the name of the new director in its announcement. An audit committee is a group of board members who oversee a company’s financial reporting.

The NYSE requires listed firms to have at least three independent members on this committee. XXI is placed second among publicly traded corporate Bitcoin holders, trailing only Strategy (formerly MicroStrategy). Independent board oversight is especially important now that Tether has consolidated its position. The stablecoin issuer already held voting control through XXI’s Class B shares and maintained approval authority over Bitcoin sales, mergers exceeding $1 million, and executive appointments.

Proposal to merge with XXI in the works

Tether has also proposed combining XXI with Jack Mallers’ Bitcoin payments company, Strike, and mining firm Elektron Energy. The three-way merger, first proposed in late April 2026, would create a vertically integrated Bitcoin business that includes treasury accumulation, payments, lending, and mining operations. Elektron manages about 50 exahashes per second (EH/s) of mining power. That is roughly 5% of the entire Bitcoin network. The platform has already mined more than 5,500 Bitcoins.

Twenty One Capital launched in December 2025 through a SPAC merger with Cantor Equity Partners and trades on the NYSE under the ticker XXI. The merger has several hurdles surrounding its governance. For example, Jack Mallers currently serves as CEO of both Twenty One Capital (XXI) and Strike. The dual role is a conflict of interest that will require special review and a vote by minority shareholders.

Raphael Zagury, the CEO of Elektron Energy, is a defendant in active lawsuits filed by Swan Bitcoin in California and the UK. Swan alleges that Zagury and other former executives conspired with Tether in 2024 to take over a mining joint venture. Tether has announced its intention to vote in favor of the mergers, but no final terms, closing timelines, or formal merger agreements have been signed or publicly released.

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According to Tether, the reserve base stayed mostly in short-term, liquid, high-quality instruments, while markets stayed rough across the quarter. USDT stayed large and steady through the same period. The company reported about $183 billion in token-linked liabilities at the end of March, and listed total assets at $191,767,741,495 and total liabilities at $183,535,531,717. Out of those liabilities, $183,438,487,810 came from issued digital tokens. That left assets above liabilities by $8,232,209,778. No stock ticker applies to Tether, BDO, or the World Gold Council, while Bitcoin trades as BTC.

Tether reports $141 billion in Treasury exposure

Tether kept most of its reserves in short-term instruments tied to the U.S. government. Direct and indirect exposure to U.S. Treasury bills reached about $141 billion by March 31, 2026. The company said most reserve assets sat in government-backed holdings and short-term liquidity facilities. That reserve layout placed Tether as the 17th largest holder of U.S. Treasuries worldwide. The company kept its main reserve focus on short-dated sovereign debt, which matters because USDT is used at scale and must meet redemptions without drama.

The reserve book also included other assets. Physical gold holdings stood at about $20 billion. The company said the precious metal portion was fully made up of actual gold, not paper claims. Bitcoin holdings were about $7 billion, giving Tether exposure to the largest crypto asset by market value. Tether also separated its proprietary investments from the reserves backing issued tokens. Those investments sit under Tether Investments and are funded with excess capital and profits.

The company said those holdings are not counted as part of the reserve backing for USDT, and they allegedly do not affect the liquidity, quality, or transparency of the token reserve base. Paolo Ardoino, CEO of Tether, said, “Our responsibility is to make sure USDT works without compromise. That means building a system that behaves the same way in any market condition, not just when things are stable.” By April, Ardoino said USDT was trading at or near record circulation levels, and more than 5 billion USDT had been added in the second quarter.

He also tied that demand to the launch of Tether Wallet, a self-custody app built for people who use USDT every day. The gold market was under pressure while Tether reported its large bullion position, as prices fell as much as 1.2% after gaining 1.5% in the prior session. Traders were watching the standoff between the U.S. and Iran, which hurt hopes for central bank rate cuts. Trump said the naval blockade on Iran would stay in place. He was also briefed by military commanders on further options.

Iran said the blockade had to end before the Strait of Hormuz could reopen. This whole war has been bad for gold because bullion does not pay interest. Gold has fallen about 13% since the conflict started at the end of February. Gold still gained on Thursday when the yen posted its biggest jump in three years, and Japan’s government announced an intervention in the currency market. A weaker U.S. dollar usually helps gold because the metal is priced in dollars.

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The move comes amid a broader wave of political spending by crypto firms ahead of the 2026 US midterm elections. Jesse Spiro previously led government and regulatory affairs at Tether US and will now guide the PAC’s strategy to support initiatives that expand USAT activity beyond Ethereum. Anonymous donors raised over $100 million to ensure the PAC has sufficient resources to promote innovation, educate the public about digital assets, and increase USAT adoption across different blockchains.

Tether executive takes on role to push USAT expansion

USAT is structured to comply with the recently enacted GENIUS Act, which introduced clearer rules for stablecoin issuers, including requirements for reserve transparency and asset backing. The company’s decision to announce Bo Hines as part of the leadership of USAT emphasizes Tether’s strategy of becoming involved in the U.S. regulatory and political landscape.

Hines has said the company’s goal is “to participate in the US economy in a big way” and now says he expects more growth in the next two years. The mission of the PAC is to support transparent, secure, and trustworthy systems, thereby protecting and strengthening US leadership in digital assets. Similarly, the initiative will assist builders, developers, and technology companies.

This way, they can access the tools and networks they need to advance entrepreneurship and support innovation in financial infrastructure. Vice President of Regulatory Affairs at Tether US said, “We have an opportunity to ensure the United States remains the global hub for builders, entrepreneurs, and technological progress. Fellowship PAC is committed to supporting leaders who understand what’s at stake and are willing to act.”

Fellowship PAC to target growth and adoption

According to the report, the PAC will announce its first slate of candidate endorsements, focusing on individuals and groups that recognize the value of open markets. Other crypto-backed PACs, including Fairshake PAC, took a similar initiative by spending more than $130 million in the 2024 election cycle and recording $193 million in resources heading into the 2026 midterms.

According to reports, the Fellowship PAC collects funds from multiple backers in the crypto industry, though the details remain hidden. In addition to financial support, the PAC will work with crypto industry stakeholders to provide a platform for builders, developers, and companies to partner on projects that improve USAT. Similarly, the committee is responsible for educating leaders and stakeholders on topics like blockchain platforms, stablecoins, and the use of USAT.

This way, users and businesses will easily integrate the stablecoin into their day-to-day activities. In addition, Fellowship PAC will run visibility campaigns that demonstrate USAT’s capabilities, help new users discover the stablecoin, encourage developers to build applications, and guide businesses in using the platform effectively. The PAC also monitors other crypto-backed committees, observes adoption patterns, and analyzes technical challenges.

This will help them reduce errors and implement best practices that accelerate USAT adoption across multiple networks. With easy access to resources, guidance, and awareness campaigns, retail users will better understand the program, while institutions will get the support they need to integrate USAT into their daily operations. According to Jesse Spiro, Fellowship PAC aims to create a structured, long-term ecosystem in which USAT and similar platforms can expand safely and effectively.

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In the press release, Tether said, “We continuously evaluate our stablecoin offerings to ensure they align with real-world usage, long-term sustainability, and the needs of the communities that rely on them.” The company mentioned that the CNH₮ shutdown will happen in two stages.

Tether set to discontinue its CNH₮ stablecoin in two phases

According to the company, the first stage is already in effect, which involves a halt on minting. Stage two is expected to come one year from now, with Tether noting that redemption support for CNH₮ will end. Before that deadline hits, Tether said it will send out a reminder notice. Until the final redemption date, holders can still redeem their CNH₮.

In addition, redemptions will continue under Tether’s existing Terms of Service, according to the press release, which also told users to redeem as soon as possible and not wait until the last minute. In its press release, Tether said CNH₮ did not see enough steady demand. Usage stayed low compared to other tokens in its lineup. The company said the activity levels did not justify the cost and operational work needed to maintain the product at its internal standards.

At the same time, the stablecoin market data from Artemis Analytics shows that USDT supply has fallen by about $1.5 billion so far in February. January already showed a smaller drop. If this pace continues, February could post the biggest monthly decline since December 2022, shortly after Sam Bankman-Fried’s FTX collapsed. USDT supply peaked in early January at just under $187 billion.

However, by February 18, it had slipped below $184 billion. Even with that decline, the overall supply reached $304.6 billion in February, up from $302.9 billion at the end of the previous month. USDC, issued by Circle Internet Group Inc., saw a jump to $75.7 billion. That is nearly a 5% increase this month. On transaction volume, stablecoins are still active. In 2025, total stablecoin transfers jumped 72% to $33 trillion.

USDC handled $18.3 trillion of that volume. USDT processed $13.3 trillion. In its Q4 2025 earnings report, Tether said, “The Reserves for Tether tokens in circulation amount to $181,223,149,214. The Liabilities of the Company amount to $174,445,364,503, of which $174,356,634,812 relates to digital tokens issued. The Value of the assets composing the Reserves as of 30 September 2025 exceeds the value of the liabilities of the Company by $6,777,784,711.”

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Tether stated that the project will help people in developing economies, such as Africa, Latin America, and Southeast Asia, to save and transfer dollar-denominated stablecoins. According to Tether, the integration is intended to provide a simple way for mobile-first users to store and transfer stable value without complex onboarding requirements. “Tether’s mission has always been to provide simple, reliable access to stable value for people who need it most,” said Tether’s CEO, Paolo Ardoino.

Opera taps Tether for MiniPay

MiniPay operates in over 60 countries and claims 12.6 million activated wallets. The platform has processed about 350 million transactions so far and saw 50% growth in users in the fourth quarter, largely driven by adoption in emerging markets. In December alone, more than $153 million was sent or received via MiniPay across all supported assets.

Opera stated that the numbers point to increased demand for stable, dollar-based payments in mobile economies. In addition to USDT, MiniPay now supports Tether Gold (XAUT), which is backed by physical gold reserves. Tether positioned the asset as a savings product meant to preserve value in inflation-prone environments. Interest in tokenized gold has increased as traditional bullion markets have grown.

XAUT hit an all-time high of $5,600 in late January, following strength in spot gold prices. The expansion of MiniPay comes as the broader stablecoin market enters a consolidation phase. Total stablecoin market capitalization is at $305.27 billion, down $3.006 billion from the previous week, or 0.98%. Despite the pullback, supply has remained close to record levels, following an expansion of approximately $120 billion in 2024.

USDT has held the dominant position, accounting for 60.65% of stablecoins in circulation. Other important tokens, such as USDC, DAI, and PayPal USD, are pegged to the dollar, which implies they are stable and not subject to systemic outflows. Tether reported earlier this month that it generated over $10 billion in net profit in 2025 due to the increase of its USDT stablecoin and the holdings underlying those stablecoins, which are in US Treasury assets.

The company has been purchasing as much as $1 billion gold per month as it wagers on the precious metal alongside BTC. Regulatory developments are also reshaping the sector. More recently, in the United States, Anchorage Digital launched a new stablecoin, USAT, under U.S. regulatory oversight following the passage of the GENIUS Act in July.

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The action is positioning the company as a player in the gold market and increasing its market share in gold-backed stablecoins.

Growing gold reserves at tether

Tether has done commendable achievements in the worldwide gold market by purchasing up to 2 tons of gold weekly. 

These acquisitions are kept in very secure Swiss deposit boxes. 

The vault of Tether, which is currently the largest known gold buffer of gold other than banks and central governments, is filled with nearly one ton of gold every week. 

The gold is largely on its swelling reserves to finance its gold-backed stablecoin, XAU 8.

In 2025, the gold reserves of Tether rose, purchasing more than 70 tons of it, surpassing many central banks in the process. 

The reserve purchases of Poland were the only ones that were higher than those of Tether. Tether currently possesses more than 140 tons of gold worth around 23 billion, which is considered one of the largest known gold holders not in a traditional institution.

Domination of the gold-backed stablecoin market

The XAU⁻, a gold-backed stablecoin by Tether, has gained significant market popularity quickly. In 2025, XAU made up approximately 60% of all circulation of gold-backed stablecoins. 

The increase in the need for such kinds of digital assets has been achieved because of the high instability of the geopolitical environment, the high price of gold, and even the growing interest in on-chain safe-haven assets. 

By Q4 2025, XAUM has reached a market capitalization of 2.25 billion, and this once again reinforced the leadership of Tether in this market segment.

Besides the actual gold reserves, Tether has been increasing its online presence by launching a USA-based stablecoin, the USA-pegged gold-backed Tether. 

The work of the USA is expected to be utilized mostly in the U.S. jurisdictions and be consistent with the presence of Tether in the dollar-backed stablecoin market. 

This recently introduced token is compliant with the rules of the GENIUS Act and demonstrates the strategic placement of the Tether in the world of digital finance.

Gold strategy of future of Tether

Tether has indicated that it will not stop purchasing gold. CEO Paolo Ardoino assured that the company will continue to purchase 1 to 2 tons of gold on a weekly basis, and it will review its position quarterly. 

This continued hoarding of gold will further build the strength of Tether in the gold-backed stablecoin market and also position it more as a global player in the financial market.

Since Tether speeds up its policy of acquiring gold and developing new digital assets, the company will have a powerful impact on the gold market and the digital currency market. 

This is at a time when digital and traditional assets are becoming more intertwined, and this gives a new opportunity to investors to find stability and security in uncertain times with new assets.

The gold buying aggressiveness of Tether is also making the company one of the leaders in the gold market and the stablecoin market in general. 

The fact that it is leading in the gold-backed stablecoin market and that it still invests in gold is an indicator that Tether intends to solidify its presence in the digital finance market. 

With the further development of market conditions under the influence of geopolitical and economic factors, the approach of Tether can become an important element in the changing situation with digital assets and precious metals.

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According to reports, the Agnelli family, which controls Juventus, has stated that it does not intend to sell its majority stake in the club. Tether announced on Friday evening that they had tabled a “binding all-cash proposal” to purchase Exor’s shares in the club. Exor is the holding company owned and controlled by the Agnelli family, who have owned Juventus since 1923. However, the Agnelli family has sternly rejected the proposal, stating that it is not willing to reduce its ownership to Tether or any other party, as the club is not for sale.

Juventus turns down Tether amid proposal to acquire Exor’s holdings

Tether’s proposal is aimed at acquiring Exor’s holding, which accounts for about 65.4% of Juventus’ outstanding shares. Subject to regulatory approvals and acceptance by the seller, Tether stated that it would launch a public tender offer for the remaining shares at the same price. The offer is priced at €2.66 per share, valuing 100% of the company at approximately €1.1 billion.

This is a massive sum, which would have marked one of the most sensational deals in recent European football history. Additionally, Tether stated that, if the acquisition were to proceed, it would provide Juventus with approximately an additional €1 billion to strengthen the first team and support the club’s overall development. “Tether is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon,” CEO Paolo Ardoino said

Tether has pushed aggressively into new sectors over the past year. It has invested in artificial intelligence, robotics, and health-tech ventures. However, its move into football has been gradual. So far, Tether has acquired an 11.5% stake in Juventus, making it the club’s second-largest shareholder. Both Tether and the Agnelli family’s investment company have shown commitment to the club.

In November, they participated in a €97.8 million capital increase aimed at reducing debt and supporting the club’s strategic plan. Tether has gained influence inside the club. In October, the crypto giant nominated Deputy Investment Chief Zachary Lyons and Francesco Garino to Juventus’s board, and shareholders approved Garino’s appointment last month. Meanwhile, Juventus is valued at roughly €944 million ($1.1 billion). It saw its share price rise 2.3% to €2.23 ($2.62) after Tether’s interest.

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