Tether becomes one of top non-sovereign gold buyers after aggressive accumulation
Tether has significantly expanded its physical gold holdings, placing the stablecoin issuer among the world’s largest bullion owners, according to a Jefferies report.
Analysts estimate that Tether accumulated around 32 tonnes of gold between late 2025 and January 2026, bringing total holdings to roughly 148 tonnes valued at about $23 billion, reports CoinDesk.
That pace of buying was exceeded only by Poland and Brazil during the same period. At current levels, Tether’s reserves now surpass those of several mid-sized sovereign nations, including Australia, the UAE, South Korea and Greece. This positions the company within the top 30 global gold holders, making it one of the largest non-sovereign buyers worldwide. Jefferies noted that the figures likely represent a minimum estimate, as Tether is privately held and may hold additional undisclosed gold.
Gold backs USDT and fuels growth of XAUT
The bullion is held as part of reserves supporting both Tether’s dollar-pegged stablecoin USDT and its gold-backed token XAUT. According to Tether’s fourth-quarter attestation, about 126 tonnes of gold, worth roughly $17 billion, were already included in reserves at year-end prices. XAUT supply continued to grow in January, reaching 712,000 tokens valued at around $3.2 billion, reflecting an additional 6 tonnes of gold backing. CEO Paolo Ardoino previously said demand for XAUT has been particularly strong in emerging markets.
The strategy reflects Tether’s broader approach of diversifying reserve assets beyond cash and Treasurys. Analysts added that gold provides a hedge against currency risk while reinforcing confidence in Tether’s stablecoin ecosystem.
Strategy aligns with global gold rally and portfolio shift
Tether’s accumulation coincided with a powerful rally in gold, which surged above $5,000 per ounce last month and has risen nearly 50% since September. The rally has been driven by strong central bank demand, higher long-term bond yields and efforts by investors to reduce reliance on the U.S. dollar. Jefferies said Tether’s buying may continue, citing Ardoino’s plan to allocate 10%–15% of the firm’s investment portfolio to physical gold.
That would formalize a strategy that has been developing for several years. Tether’s investment portfolio was valued at around $20 billion at the end of last year, according to CoinDesk. As a result, the company could remain a meaningful participant in global bullion markets alongside sovereign buyers.
Recently we wrote that the world’s largest stablecoin issuer, Tether, is expanding the use cases of USDt through its partnership with the video streaming platform Rumble.
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