Tether reduced its gold purchases sharply in the first quarter, with purchases falling from 27 tons to 6 tons, according to data. Despite the slowdown, Tether says it kept a diversified reserve mix anchored largely in U.S. Treasuries, alongside Bitcoin and a smaller—though still strategic—gold allocation supporting USDT.
Stablecoin transactions surged to a record $33 trillion in 2025, fueled by US policy support under President Trump and fast-growing institutional adoption. USDC led with $18.3 trillion in flows, beating Tether’s USDT. Crucially, stablecoin usage is rising outside DeFi, suggesting broader mainstream demand for “digital dollars” amid ongoing global uncertainty.
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