Tether, the issuer of the USDT stablecoin, now holds 116 tonnes of physical gold, a reserve size comparable to central banks in South Korea, Hungary, and Greece, according to a Jefferies analysis cited by the Financial Times.
Jefferies reported that Tether is "the largest holder of gold outside central banks," with its purchases in the last quarter accounting for nearly 2% of global gold demand and about 12% of central bank acquisitions. This aggressive accumulation, including 26 tonnes added in Q3 2025, has tightened supply and influenced sentiment, potentially driving speculative inflows into gold markets.
Tether aims to acquire an additional 100 tonnes of gold in 2025, supported by projected profits of $15 billion this year. The company has also invested over $300 million in stakes in precious-metal producers, such as a 32% acquisition in Canada's Elemental Altus Royalties, and is exploring investments across the gold supply chain.
Additionally, Tether issues Tether Gold (XAUt), a token backed by bullion stored in Swiss vaults, with its market cap reaching $2.1 billion and issuance doubling over the past six months. Jefferies suggests Tether is betting on tokenized gold gaining traction due to its advantages over physical gold, futures, and ETFs.
Tether's operations resemble central bank functions, including minting and redeeming USDT, managing reserves dominated by US Treasuries, gold, and Bitcoin, and employing policy tools like address freezes. Recent developments include partnerships with Rumble for Bitcoin tipping features and backing for projects like the White House ballroom, though regulatory uncertainties from the US GENIUS Act pose challenges.
CARV
TRUMP
ETH
SAND