Investing.com -- Tether Holdings SA purchased more than six tons of gold for its reserves during the first quarter of the year, continuing a buying pattern that has positioned the company as the largest known private holder of bullion globally.

The cryptocurrency company's gold reserves reached $19.8 billion by the end of March, according to its quarterly holdings report. Based on spot prices, this amount represents 132 tons of bullion.

Gold prices showed significant volatility during the quarter, reaching a record high near $5,600 in January before experiencing several sharp declines. The most recent selloff occurred following the outbreak of the US-Iran war.

While the first-quarter purchases maintain Tether's position as one of the largest individual buyers in the market, the acquisition pace slowed compared to 2025. Last year, the company bought more than 70 tons of gold for its reserves and its gold stablecoin.

Tether issues USDT, the world's largest dollar-pegged stablecoin, with approximately $190 billion in circulation. The company generates revenue by receiving dollars in exchange for USDT and investing the funds in Treasuries and other assets, including bullion.