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Tether Gold lifted reserves 9.5% as gold marked its worst quarter since 2013

8/4/2026

XAUt, the tokenized gold product issued by Tether, expanded its bullion backing by 9.5% during a quarter that saw gold deliver its worst performance since 2013.

The reserve build happened while the asset it tracks was under sustained pressure. That is the tension worth examining.

Reserve accumulation against the grain Counter-cyclical accumulation in a hard-asset wrapper is either a conviction trade or an inventory decision.

The 9.5% reserve increase tells you Tether added physical gold to the XAUt backing pool during the drawdown, not after it.