Tether, the world’s largest stablecoin operator, is in talks to channel some of its crypto profits into gold mining and the wider bullion supply chain. According to people familiar with the matter, the company has discussed potential deals ranging from mining and refining to trading and royalty firms.

The move underscores Tether’s growing appetite for hard assets. The company already holds $8.7 billion worth of gold bars in a Zurich vault and earlier this year invested more than $200 million into Toronto-listed royalty company Elemental Altus, which has since merged with rival EMX.

Chief executive Paolo Ardoino has described gold as “natural bitcoin,” arguing it complements cryptocurrency as a store of value. While some in the commodities world remain sceptical about the stablecoin giant’s ambitions, Tether has become one of the world’s most profitable crypto firms, generating $5.7 billion in net profit in the first half of 2025.

Its USDT token, pegged to the US dollar, dominates global crypto trading with a market capitalisation of $168 billion. Alongside its bullion holdings, Tether also runs XAUt, a gold-backed token, though it remains small compared to USDT at under $1 billion in circulation.

The talks highlight a growing convergence between traditional safe-haven assets and digital finance, as companies like Tether seek to bridge the gap between gold and crypto. Whether the conservative gold mining sector will fully embrace this remains to be seen.