Tether Gold Holdings Reach 116 Tons, Rival Central Bank Reserves

TLDR

• Tether now holds at least 116 tons of gold, making it one of the world’s largest non-sovereign holders
• The company accumulated roughly 26 tons in Q3 2025 alone, equal to about 2% of global gold demand
• Jefferies estimates Tether holds 12 tons backing its XAUt token and 104 tons backing USDT
• Gold represents about 7% of Tether’s reserves, with potential to add nearly 60 tons annually
• Tether invested over $300 million in gold mining companies and hired two former HSBC metals traders

Stablecoin issuer Tether has accumulated at least 116 tons of gold, according to a report from investment bank Jefferies. The holdings place Tether among the world’s largest non-sovereign gold holders, rivaling some smaller central banks.

The company accumulated roughly 26 tons during the third quarter of 2025 alone. This represents about 2% of global gold demand during that period.

Jefferies analysts led by Andrew Moss estimate that 12 tons of gold back Tether’s XAUt token, worth approximately $1.57 billion. Another 104 tons support USDT, valued at about $13.67 billion.

The pace of buying has drawn attention from market analysts. Gold prices have risen more than 50% this year, currently trading around $4,080 per ounce.

Tether CEO Paolo Ardoino has made public statements about adding gold to the company’s reserves. The bank first noticed Tether’s interest after the company met with miners and royalty firms in Denver last fall.

Investors told Jefferies that Tether aimed to purchase around 100 tons of gold this year. The actual accumulation appears to have exceeded those initial plans.

Continued Accumulation Expected

Gold currently represents about 7% of Tether’s reserves. Jefferies expects the company to continue accumulating as its USDT stablecoin grows.

Ardoino has projected $15 billion in profit for 2025. Jefferies analysts calculate that deploying half of those profits into gold could add nearly 60 tons annually.

The buying has likely tightened near-term gold supply. While the volume isn’t large enough to overwhelm central bank flows, it has boosted bullish market sentiment.

Tether has expanded beyond direct gold purchases. The company invested more than $300 million in gold royalty and streaming companies this year.

The firm recently hired two former HSBC metals traders. Jefferies views this as evidence that Tether’s gold push is accelerating rather than slowing down.

New Stablecoin Plans

Tether plans to launch a GENIUS Act-compliant stablecoin called USAT. This new token won’t require gold reserves.

The impact of USAT on Tether’s gold demand remains unclear. The company hasn’t specified whether it will reduce gold holdings backing USDT as USAT grows.

XAUt currently has a market capitalization of about $1.5 billion, according to CoinMarketCap data. The token allows users to hold digital assets backed by physical gold.

Jefferies noted that Tether’s growing investments across the gold ecosystem suggest a broader metals strategy. The combination of direct holdings, mining investments, and specialized staff indicates long-term commitment to the precious metal.

The post Tether Gold Holdings Reach 116 Tons, Rival Central Bank Reserves appeared first on CoinCentral.