Tether has accumulated at least 148 tonnes of physical gold, placing the stablecoin issuer among the world’s top 30 bullion holders and ahead of several sovereign nations, according to a report published Sunday by Wall Street investment bank Jefferies.
Jefferies estimates the holdings were worth about $23 billion as of Jan. 31, after Tether purchased roughly 26 tonnes of gold in the fourth quarter of 2025 and added another 6 tonnes in January. The scale of the buying makes Tether one of the largest non-sovereign holders of gold globally.
During the quarter, Tether’s gold purchases exceeded those of most individual central banks, trailing only Poland and Brazil, the analysts said. At current levels, Tether’s holdings surpass those of countries including Australia, the United Arab Emirates, Qatar, South Korea and Greece.
The gold is held as reserves backing both Tether’s U.S. dollar-pegged stablecoin USDT and its gold-linked token XAUT. Because the company is privately held, Jefferies said the figures likely represent a minimum estimate of its total gold exposure.
According to USDT’s fourth-quarter attestation, approximately $17 billion of gold—equivalent to 126 tonnes at year-end prices—was included in reserves. Separately, the supply of XAUT rose to 712,000 tokens worth about $3.2 billion by the end of January, reflecting an additional 6 tonnes of gold backing the token.
Tether CEO Paolo Ardoino has said demand for the gold-backed token has been strongest among retail investors in emerging markets.
The accumulation comes amid a sharp rally in gold prices, which climbed above $5,000 per ounce last month and are up nearly 50% since September. The move has been driven by strong central bank demand, rising long-term government bond yields and efforts to reduce reliance on the U.S. dollar.
Jefferies said Tether’s buying may continue. Ardoino has indicated the company plans to allocate 10% to 15% of its investment portfolio to physical gold. Tether’s investment portfolio was valued at around $20 billion at the end of last year, CoinDesk reported.
