Tether’s Gold Holdings Reach $23 Billion, Surpassing Many Nation States

Tether has emerged as one of the world’s largest non-sovereign holders of physical gold, with its bullion reserves now rivaling those of mid-sized countries, according to new estimates from Wall Street investment bank Jefferies.

Tether Gold Reserves Climb to 148 Tonnes

Jefferies estimates that Tether holds at least 148 tonnes of physical gold as of the end of January, valued at roughly $23 billion. The crypto firm reportedly acquired around 26 tonnes in the final quarter of 2025 and added another 6 tonnes in January alone. During that period, only Brazil and Poland were estimated to have purchased more gold at the national level.

At current levels, Tether’s holdings exceed the official gold reserves of countries such as Australia, South Korea, Greece, Qatar, and the United Arab Emirates, placing the firm among the top 30 global holders of bullion.

Gold Backs USDT and XAUT Tokens

The gold is primarily held as reserves supporting Tether’s U.S. dollar–pegged stablecoin, USDT, as well as its gold-backed token, XAUT. By the end of 2025, attested reserves showed approximately 126 tonnes of gold tied to USDT, with additional bullion backing the growing supply of XAUT tokens.

Strategic Shift Toward Hard Assets

Tether’s accumulation has coincided with a strong rally in gold prices, driven by central bank demand and investor efforts to diversify away from the U.S. dollar. Company leadership has indicated plans to allocate up to 15% of its investment portfolio to physical gold, suggesting further purchases may follow.

Disclaimer

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