Early bitcoin supporter and ShapeShift founder Eric Voorhees has purchased millions of dollars in tokenized gold, according to blockchain data, at a time when Tether’s growing bullion reserves are drawing fresh attention across both crypto and traditional finance markets.
Onchain analytics indicate that Voorhees acquired approximately 6.81 million dollars worth of PAX Gold tokens using USDC. The purchase amounted to more than 1,300 PAXG tokens at an average price just below recent market highs. PAX Gold, issued by Paxos, is designed to track the price of physical gold, with each token backed by allocated bullion. The structure allows investors to gain exposure to gold through blockchain based assets without holding the metal directly.
The move is notable given Voorhees’ long standing advocacy for bitcoin and decentralized currencies. Bitcoin has recently traded below prior peaks, while gold has surged to record territory above 5,000 dollars per ounce. The divergence in performance has led some investors to rebalance toward traditional safe haven assets, particularly amid macroeconomic uncertainty and persistent inflation concerns.
Gold prices have climbed sharply over recent months, supported by sustained central bank demand and geopolitical risk. Analysts say this environment has strengthened the appeal of tokenized gold products, which combine price exposure to bullion with the liquidity and transferability of digital tokens. For crypto native investors, such products offer a familiar wallet based experience while tracking a historically defensive asset.
At the same time, Tether has expanded its own gold exposure. A recent brokerage estimate places the company’s physical gold holdings at roughly 148 tonnes, valued at around 23 billion dollars. The firm reportedly added dozens of tonnes in late 2025 and early 2026, pushing its reserves above those of several sovereign nations. Based on available data, Tether’s gold position now exceeds that of countries including Australia and the United Arab Emirates.
Tether is best known as the issuer of USDT, one of the world’s largest stablecoins. Its strategy of accumulating gold alongside other reserve assets reflects a broader effort to diversify backing and strengthen market confidence. Analysts note that because Tether is privately held, publicly disclosed figures may represent only part of its total commodity exposure.
The convergence of crypto figures purchasing tokenized gold and stablecoin issuers accumulating physical bullion highlights a shifting narrative within digital asset markets. Rather than viewing bitcoin and gold strictly as competitors, some investors are increasingly treating them as complementary hedges against monetary instability.
As blockchain infrastructure continues to expand, tokenized representations of real world assets such as gold are becoming easier to access and trade globally. The growing intersection between decentralized finance tools and traditional safe haven assets suggests that the next phase of market development may blend elements of both systems, reflecting evolving investor preferences in a volatile economic landscape.
