Gold prices surged past $5,300 per ounce this week, marking a fresh all-time high as investors rotated into hard assets amid broader market uncertainty.
Spot gold reached a record $5,311 at around 3:30 am UTC on Wednesday, according to TradingView data tracking global bullion markets.
The rally unfolded as Bitcoin continued to lag behind, trading below the $90,000 level despite renewed interest in crypto-linked investment products.
Market data shows gold has climbed roughly 90% over the past year, sharply outperforming Bitcoin, which is down around 13% over the same period.
As bullion prices climbed, major crypto firms Tether and Coinbase adopted sharply different strategies to capitalise on the gold surge.
Tether, the issuer of the USDt stablecoin, increased its focus on physical gold accumulation as part of its broader reserve strategy.
The company now holds approximately 130 metric tons of physical gold, placing it among the largest non-sovereign holders of bullion globally.
Tether has disclosed that its total gold exposure was valued at around $12 billion as of September 2025, with that figure rising alongside prices.
Of this total, 520,089 troy ounces of gold, equivalent to about 16.2 metric tons, are allocated specifically to back its gold-linked stablecoin XAUt.
The remaining gold forms part of a broader reserve pool that is separate from the assets backing individual XAUt tokens.
Tether maintains approximately 130 metric tons of physical gold, and the gold backing every XAUT token is held separately, making it eligible for physical delivery redemption.
A Tether spokesperson said.
According to World Gold Council data, Tether’s bullion holdings are now comparable to the official reserves of countries such as Mexico, South Africa and Sweden.
We are soon becoming basically one of the biggest, let’s say, gold central banks in the world.
Tether chief executive Paolo Ardoino said.
In contrast, Coinbase has focused on promoting access to gold exposure through regulated futures products rather than physical ownership.
The exchange highlighted its commodity futures offerings as the gold rally gathered pace, pointing users towards derivatives markets.
You can trade precious metals on Coinbase.
Coinbase chief executive Brian Armstrong said.
Silver, gold, copper and platinum futures are available on Coinbase.
Brian Armstrong said.
Some market commentators cautioned that futures trading does not involve physical delivery and may amplify volatility rather than provide a hedge.
Others described the promotional push as a potential late-cycle signal, suggesting bullish sentiment may be approaching a peak.
Binance has also expanded its metals-linked derivatives lineup, launching perpetual futures tied to gold and silver earlier this month.
Analysts noted that the weakening US dollar has added further support to gold’s advance over the past year.
The US dollar index has fallen by around 10.7% over the same period, reinforcing gold’s appeal as a hedge against currency debasement.