Tether's gold stash tops $23 billion as buying outpaces nation states, Jefferies says
Tether's estimated gold reserves reached 148 tonnes worth about $23 billion, placing it among the top 30 global holders.Summary
According to a report by Jefferies, Tether, the issuer of the USDT stablecoin, significantly increased its physical gold holdings to an estimated 148 tonnes by January 31, valued at roughly $23 billion. This accumulation, which included buying 26 tonnes in Q4 2025 and 6 tonnes in January, positions Tether within the top 30 global bullion holders, surpassing several sovereign nations like Australia and South Korea. Jefferies noted that Tether's quarterly buying outpaced most central banks, trailing only Poland and Brazil during that period. These reserves back both USDT and its gold-backed token XAUT. Because Tether is privately held, the 148 tonnes is considered a minimum estimate, suggesting the company might hold more gold. This buying spree coincides with a record rally in gold prices, and Tether CEO Paolo Ardoino has indicated plans to allocate 10% to 15% of its investment portfolio to physical gold.
(Source：CoinDesk)