Tether Joins Top 30 Gold Holders With $23B Hoard
Jefferies analysts estimate Tether now holds 140 tons of gold, outpacing the official reserves of Australia and Qatar.
Tether has quietly become one of the world’s largest custodians of physical gold. A new note from Jefferies estimates the stablecoin issuer now controls approximately 140 metric tons of bullion valued at roughly $23 billion. This accumulation places Tether in the top 30 global gold holders, surpassing the sovereign reserves of nations including Australia, Qatar, and Greece.
The Whale in the Vault
The accumulation pace is aggressive. Tether acquired approximately 27 tons in Q4 2025 alone, averaging purchases of 1–2 tons per week. This buying pressure recently outstripped the monthly procurement rates of most central banks, with only Poland’s aggressive buying spree offering comparable volume in the official sector.
Jefferies analysts Fahad Tariq and Andrew Moss highlighted the dual nature of these holdings. While roughly 16 tons back the XAUT token (market cap ~$2.6 billion), the vast majority, over 120 tons, sits within Tether’s proprietary reserves. This capital is distinct from the assets backing the circulating $186 billion USDT, though it serves as an over-collateralization buffer.
The Central Bank Pivot
CEO Paolo Ardoino is engineering a balance sheet transformation. With $10 billion in 2025 profits and record Treasury exposure of $141 billion, the firm is diversifying away from pure fiat correlation. Ardoino signaled a strategic target of holding 10–15% of total reserves in physical gold.
The move signals a shift toward a ‘central-bank-like’ portfolio mix, hedging against de-dollarization risks while maintaining massive liquidity in short-dated U.S. debt.
The scale of this position creates a new variable for the bullion market. With gold trading near $5,000 per ounce, Tether’s programmatic buying creates a price floor that few private entities can replicate. The risk remains concentration. A regulatory shock forcing the liquidation of a $23 billion gold position would flood the market with supply equivalent to 4% of annual global mine production.
