Tether has become Gold.com’s main gold supplier after financing $1.453 billion in bullion through a leasing arrangement, according to Gold.com’s Form 10-K for the fiscal year ended June 30, 2026.

Gold.com’s annual filing said Tether’s commitment represented the majority of the company’s $1.688 billion in gold leasing advances. Under the structure described in the filing, Gold.com can use the metal in its business operations and return it to Tether later. The company said it began leasing precious metals from Tether in 2026 and that the arrangement materially supported its liquidity.

The financing adds to a broader commercial relationship disclosed earlier this year. In February, Tether invested $150 million in Gold.com by acquiring 3,371,000 shares, giving it a 13.3% stake, according to the information provided. Gold.com has also said the two sides entered storage, metals leasing and trading agreements, while the distributor purchased $20 million of XAUt, Tether’s gold-backed digital asset.

Gold.com, formerly A-Mark Precious Metals according to the provided information, is listed on the New York Stock Exchange under the ticker GOLD. For the fiscal year ended June 30, it reported $25.513 billion in revenue and sales of 2 million ounces of gold.

The disclosure also offers a clearer view of how Tether is deploying physical bullion within its business. The company has been building out its gold strategy alongside XAUt, and the reported financing suggests those reserves are being used not only as backing assets but also as part of a lending and distribution relationship tied to a large precious-metals dealer. The provided information estimates Tether holds 148 tons of gold in Swiss vaults.

Why It Matters

The deal is significant because it connects three parts of Tether’s business that are often discussed separately: reserve management, tokenized gold and real-world distribution. Instead of limiting gold to passive backing for XAUt, Tether is using bullion to support a physical-market counterparty at scale. That could strengthen the commercial link between tokenized commodities and traditional metals finance.

It also broadens the picture of stablecoin issuers as financial infrastructure providers. If similar arrangements expand, crypto-native firms may play a larger role in commodity funding, collateral flows and settlement channels that sit outside their original token issuance business.