On May 2nd, Reuters released an interesting signal 👇

👉 Tether is "slowing down gold purchases," but overall gold reserves are actually still increasing.
What's going on exactly? Let me break it down simply 👇
📉 Slowing pace:
In the first quarter of this year, Tether bought about 6 tons of gold, compared to 27 tons in the fourth quarter of last year, clearly hitting the brakes.
📊 But the total amount is rising:
As of the end of March, the gold backing USDT has reached 132 tons (about $19.8 billion), accounting for about 10% of total reserves.
🏦 The core assets are still "old routines":
U.S. Treasuries: about $117 billion (the main holding)
Bitcoin: about $7 billion
Gold: gradually increasing, but not yet core
✨ Another hidden line:
Gold reserves for the gold stablecoin XAUT have also risen to 22 tons
👉 Adding both sides together, Tether's total gold holdings are now 154 tons
⚠️ But here’s the key point:
Tether originally planned to allocate about 10%–15% of its roughly $20 billion investment portfolio into physical gold, but—
👉 The trading team responsible for this was dissolved in March (due to internal management issues)
———
🤔 My view:
This move actually signals something 👇
👉 Tether wants to "de-risk from the dollar," but in reality, it still relies on the U.S. debt system
Slowly increasing gold (to hedge against risk and inflation) 🪙
While also slowing down the pace + team dissolution (facing execution problems) ⚙️
What does this indicate?
👉 The strategy is correct, but implementation isn’t smooth.
———
📌 To sum up in one sentence:
Tether is trying to diversify its reserves, but in the short term, USDT still heavily depends on the traditional financial system.
This is better for the market 👇
✔️ More stability (backed by U.S. debt)
❗ The decentralization narrative will be somewhat weakened
What do you think—
👉 Is stability more important, or is decentralization more important? 👀