Tether, the issuer of the world’s largest stablecoin USDT, has amassed at least 148 tonnes of physical gold, placing it among the top 30 global holders of bullion and ahead of several sovereign nations, according to a report published Sunday by Wall Street investment bank Jefferies.
Jefferies estimates Tether’s gold reserves were worth roughly $23 billion as of Jan. 31, following purchases of around 26 tonnes in the fourth quarter of 2025 and an additional 6 tonnes in January. The buying spree ranks Tether among the largest non-sovereign accumulators of gold worldwide, the analysts said.
During the quarter, Tether’s gold purchases exceeded those of most individual central banks, trailing only Poland and Brazil. At current levels, the firm’s holdings surpass those of countries including Australia, the United Arab Emirates, Qatar, South Korea and Greece.
The bullion is held as reserve backing for both Tether’s U.S. dollar-pegged stablecoin USDT and its gold-backed token, XAUT. However, Jefferies cautioned that the figures represent a minimum estimate, noting the privately held company may own additional undisclosed gold on its balance sheet.
According to USDT’s fourth-quarter attestation, approximately $17 billion of gold—equivalent to about 126 tonnes at year-end prices—was included in reserves. Meanwhile, the supply of XAUT grew to 712,000 tokens by the end of January, representing $3.2 billion in value and an increase of 6 tonnes of gold backing.
Tether CEO Paolo Ardoino previously told CoinDesk that demand for the gold-backed token has been particularly strong among retail investors in emerging markets.
The accumulation comes amid a historic rally in gold prices, which climbed above $5,000 per ounce last month and have risen nearly 50% since September. The surge has been driven by robust central bank demand, rising long-term government bond yields, and efforts by investors to diversify away from the U.S. dollar.
Jefferies said Tether’s gold buying may continue. Ardoino has indicated the company plans to allocate between 10% and 15% of its investment portfolio to physical gold, formalizing a strategy that has been building over several years.
Tether’s investment portfolio was valued at approximately $20 billion at the end of last year, CoinDesk reported
