How Much Gold Has Tether Accumulated?
Tether has built one of the largest gold holdings outside the sovereign sector after buying an estimated 32 tonnes of physical bullion between late 2025 and January 2026, according to a report from Wall Street investment bank Jefferies. The buying pace ranked behind only Brazil and Poland during that period, placing the stablecoin issuer among the most active gold buyers globally.
Jefferies analysts estimate Tether’s total gold reserves reached about 148 tonnes as of Jan. 31, valued at roughly $23 billion at prevailing prices. That total reflects purchases of around 26 tonnes in the final quarter of 2025, followed by an additional 6 tonnes in January.
At that level, Tether’s holdings exceed those of several mid-sized sovereign nations, including Australia, the United Arab Emirates, Qatar, South Korea, and Greece. The figures place the privately held crypto firm within the top 30 global owners of gold and make it one of the largest non-sovereign holders of bullion worldwide.
Investor Takeaway
Why Is Gold Central to Tether’s Reserve Strategy?
The gold is held as part of the reserves backing both Tether’s U.S. dollar-pegged stablecoin USDT and its gold-backed token XAUT. According to Jefferies, the disclosed figures likely represent a floor rather than a ceiling for the company’s bullion exposure, as Tether is privately owned and not required to provide full public balance sheet detail.
Tether’s fourth-quarter attestation showed roughly $17 billion of gold in reserves, equal to about 126 tonnes based on year-end prices. Since then, additional purchases linked to XAUT issuance have lifted the estimated total.
XAUT supply reached 712,000 tokens by the end of January, with a market value of around $3.2 billion. That increase corresponds to roughly 6 tonnes of additional gold backing the token, reflecting continued demand for a digital instrument tied directly to physical bullion.
In an interview published in October, Tether CEO Paolo Ardoino said that demand for the gold-backed token was being driven largely by retail users in emerging markets, where access to physical gold and stable financial instruments can be limited.
How Unusual Is This for a Crypto Firm?
Tether’s scale sets it apart from most crypto-native firms, which typically rely on cash, short-term government securities, or bank deposits to support their liabilities. By contrast, Tether’s gold reserves now rival those of national central banks that have accumulated bullion over decades.
Jefferies estimates show that during the last quarter of 2025, Tether bought more gold than nearly all individual central banks, aside from Poland and Brazil. That comparison highlights how the firm’s reserve behavior has begun to intersect directly with global macro trends rather than remaining confined to the digital asset space.
Because the company does not publish full audited financial statements, analysts caution that the true scale of its gold exposure could be higher. Additional purchases may sit on the firm’s balance sheet without being explicitly broken out in reserve disclosures.
Investor Takeaway
What’s Driving the Timing of the Purchases?
The accumulation coincided with a sharp rally in gold prices. Bullion reached record levels above $5,000 per ounce last month and has climbed nearly 50% since September, according to market data cited in the Jefferies report.
That rise has been fueled by strong central bank buying, higher long-term government bond yields, and efforts by investors to reduce exposure to the U.S. dollar. Tether’s purchases align closely with those same forces, suggesting its reserve decisions are increasingly influenced by global monetary conditions rather than crypto-specific cycles alone.
Jefferies expects the buying to continue. Ardoino has said the company plans to allocate between 10% and 15% of its investment portfolio to physical gold, formalizing a pattern that has been building over several years.
What Comes Next for Tether’s Balance Sheet?
Tether’s investment portfolio was valued at roughly $20 billion at the end of last year, according to CoinDesk. A 10%–15% allocation implies room for further gold accumulation if the firm follows through on its stated plans.
As stablecoin issuers face rising scrutiny over reserve quality and disclosure, Tether’s bullion-heavy approach adds a new dimension to the debate. Gold offers insulation from fiat risk but introduces its own questions around custody, valuation, and liquidity under stress.
With its holdings now comparable to those of sovereign states, Tether is no longer just a large participant in crypto markets. Its reserve choices increasingly intersect with global trends in gold demand, currency hedging, and monetary diversification.
