“Physical silver belonging to a Tether affiliate is being stored within Gold.com’s network”

Below are two tether stories. The first is about their Gold loan business, which is booming. The second is from our own analysis of Gold.com’s most recent 10k revealing they control and are trading Silver as well.

Tether’s $1.5 Billion Gold Loan Business Is No Joke

Authored by GoldFix 

The scale moves Tether beyond its better-known role as the issuer of USDT and beyond simply accumulating physical gold. It is now using part of that gold position in transactions that resemble traditional bullion-market financing.

Bloomberg reported this week that Tether accounted for the majority of approximately $1.7 billion in precious-metals leases outstanding at Gold.com at the end of June. Gold.com owed approximately $1.45 billion in payables and advances to Tether at that point. The relationship has expanded quickly. At the end of March, Gold.com had disclosed roughly $362.6 million in precious-metals leases and customer advances involving Tether. Within approximately three months, the amount associated with Tether had increased by more than $1 billion.

The financing relationship followed Tether’s $150 million strategic investment in Gold.com earlier this year, which gave the stablecoin company roughly a 12% ownership position. The companies described that investment as part of a broader effort to connect physical bullion distribution with digital gold products, including Tether Gold, or XAU₮. Gold.com has since described precious-metals leasing from Tether as a significant source of financing and has said the companies intend to develop an integrated gold ecosystem spanning physical and digital markets.

How the Financing Works

For a bullion dealer, this can be an efficient form of working-capital financing. Rather than borrowing dollars and purchasing bullion outright, the dealer can borrow the metal directly, use it to maintain inventory or satisfy customer demand, and later return an equivalent quantity. This is an established function in the bullion market and has historically been associated with major banks and specialist precious-metals firms.

What is unusual here is the lender. Tether has accumulated enough physical gold to participate directly in that financing system.

 

 

Tether’s Growing Physical Gold Position

The Gold.com relationship shows that Tether is no longer treating all of that bullion simply as a passive reserve asset. Gold that is leased into the market can also serve a funding and liquidity function while remaining an asset of the lender.

That is the important distinction. Tether is simultaneously accumulating bullion and developing ways to use that bullion within financial transactions. Its role increasingly combines elements of reserve ownership and wholesale gold financing.

From Gold Ownership to Gold Infrastructure

Tether should not be confused with a traditional bullion bank, which typically performs a much broader range of market-making, derivatives, custody, clearing and financing activities. But the leasing agreement demonstrates that it is now performing at least one function long associated with that market: supplying physical metal as financing to a major dealer.

 

The numbers show how quickly that role has developed. Tether began the year attracting attention for its gold accumulation and its $150 million investment in Gold.com. By the end of June, its exposure to the dealer through precious-metals leases and related advances had reached approximately $1.5 billion, while its own physical holdings had risen above 146 tonnes.

The broader point is straightforward. Tether’s gold strategy is no longer limited to owning bullion. It is beginning to use that bullion within a larger structure connecting physical ownership, financing, distribution and tokenization. The $1.5 billion relationship suggests that the transition from owning gold to financing with gold is already underway.

What Bloomberg missed and we are happy to report is that this is not just a gold story. It is a silver story as well.

Exclusive: Tether Is Also Trading and Storing Silver in Las Vegas

Tether’s expansion into precious metals extends beyond gold. Regulatory filings show that a Tether affiliate is storing physical silver at Gold.com’s precious-metals facilities in Las Vegas while maintaining separate agreements to buy, sell and lease silver through the bullion dealer.

From Gold.com's most May 2026 S-3:

“a subsidiary of the Company and an affiliate of the Selling Stockholder entered into a Precious Metals Storage Agreement, dated March 24, 2026, pursuant to which the affiliate of Selling Stockholder is storing gold and silver at storage facilities of the Company in Las Vegas, Nevada and at other locations arranged through the Company”

TETHER OWNS SILVER.

For those asking:
Here is the exact quote from the https://t.co/9gsyGndC78 website (and S-3filing) that in this instance specifically says “gold and silver” as opposed to “precious metals” which appears in other relevant locations.https://t.co/zgRjSKoLja… pic.twitter.com/A0JHXksdpG

— VBL’s Ghost (@Sorenthek) September 18, 2026

Gold.com disclosed the relationship in a May SEC filing describing three agreements with Tether affiliates.