Investment bank Jefferies reported that Tether has accumulated a massive gold stockpile, reaching 116 tons by the end of Q3 2025, positioning it among the world's largest non-sovereign gold holders, comparable to smaller central banks.
In the third quarter alone, Tether added roughly 26 tons of gold, accounting for approximately 2% of global gold demand during that period. This rapid accumulation has tightened near-term supply and contributed to gold's sharp rally, with prices soaring nearly 60% this year to around $4,049 per ounce, though it declined over 7.2% in the past 30 days.
Jefferies analysts, led by Andrew Moss, detailed that 12 tons of gold back Tether's XAUt token, worth about $1.57 billion, while 104 tons support its USDT stablecoin, valued at approximately $13.67 billion. Tether aims to purchase around 100 tons of gold this year, and with CEO Paolo Ardoino projecting $15 billion in profit for 2025, deploying half into bullion could add nearly 60 tons annually.
The company has expanded its strategy beyond direct purchases, investing over $300 million in gold royalty and streaming companies in 2025, including a $105 million stake in Elemental Altus Royalties Corp. Tether also hired former HSBC metals traders Vincent Domien and Mathew O’Neill, reinforcing its commitment to the gold ecosystem.
Ardoino emphasized, "Tether Gold represents the perfect synthesis of tradition and innovation. With XAUt, we’re offering individuals and institutions around the world the ability to hold, transfer, and store gold-backed value with complete assurance, no compromises on backing, compliance, or utility." Gold now represents about 7% of Tether's reserves, and the company plans to launch a GENIUS Act-compliant stablecoin, USAT, which won't require gold reserves, though its impact on existing holdings remains uncertain.
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