Investment bank Jefferies pegs Tether’s physical gold reserves at 148 tons. By the end of January 2026, the market value of the company’s bullion topped $23 B. The company has leapfrogged Australia, the UAE, Qatar, South Korea, and Greece in gold reserves, securing a spot among the world’s thirty largest holders of the metal.
Pace of Accumulation
Tether is ramping up its positions at breakneck speed. In the fourth quarter of 2025 alone, the company acquired 26 tons, and in January 2026, it bought another 6 tons. Analysts note that the stablecoin issuer is outpacing almost every central bank globally in accumulation dynamics — only the sovereign funds of Poland and Brazil are moving faster.
The figures above represent a conservative estimate. Since Tether remains a private entity, the actual volume of precious metal on its balance sheet could be higher. The company likely conducts additional transactions through corporate accounts not directly linked to token backing.
What Lies Behind the Numbers
The gold bars form the reserves for the main stablecoin USDT and the gold-backed token XAUT. Capitalization of the latter reached $3.2 B by the end of January, which corresponds to 712,000 tokens (backed by 6 tons of metal). CEO Paolo Ardoino attributes the stockpile growth to high retail demand for XAUT, especially in emerging markets.
According to the latest attestation of USDT reserves, the backing held $17 B in gold — about 126 tons based on the year-end exchange rate.
Gold Bull Run
This aggressive buying spree coincided with a record surge in quotes: last month, the price per ounce broke the $5,000 mark, adding almost 50% since September. Central bank demand and investor attempts to reduce dependence on the US dollar amid rising government bond yields were the primary drivers.
Jefferies forecasts that purchases will continue. Ardoino confirmed the company’s strategy to allocate 10–15% of its investment portfolio to physical gold. At the end of 2025, CoinDesk estimated Tether’s total portfolio at $20 B.
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