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Wu said he learned that Tether released a report stating that its gold token Tether Gold (XAU₮) saw a 36% quarter-over-quarter increase in reserves in the first quarter, reaching 707,747 ounces, which corresponds to a market value of about $3.3 billion and a new all-time high. The circulating supply is 707,747 units, all backed 1:1 by physical gold. The report shows that as of the end of 2025, its gold reserves were about 520,089 ounces, meaning an approximate net increase of about 187,000 ounces in the first quarter. Tether said that driven by macroeconomic uncertainty and rising gold prices, demand among investors for on-chain gold and other safe-haven assets has continued to grow.