Tether’s Gold Stash Tops $23 Billion as Buying Outpaces Nation States

What to Know

• Tether’s physical gold holdings are estimated at 148 tonnes, valued at over $23 billion
• The company bought roughly 32 tonnes of gold between late 2025 and January 2026
• Only Poland and Brazil acquired more gold during the same period
• Tether’s reserves now exceed those of several mid-sized sovereign nations
• Gold backs both USDT reserves and the gold-backed token XAUT
• The firm plans to allocate up to 15% of its investment portfolio to physical gold

Tether, the issuer behind the world’s largest stablecoin USDT, has quietly emerged as one of the largest gold holders in the world, with its physical bullion reserves now estimated at more than $23 billion. According to a recent analysis by Wall Street investment bank Jefferies, the crypto firm holds at least 148 tonnes of physical gold, placing it among the top 30 global owners of the metal and ahead of several sovereign nations.

The pace of Tether’s gold accumulation has been striking. Jefferies estimates that the company purchased approximately 32 tonnes of physical gold between late 2025 and January 2026. During that period, only Poland and Brazil acquired more gold, making Tether one of the most aggressive buyers globally despite not being a nation state.

This surge in gold ownership underscores a broader shift in how large crypto firms manage reserves, particularly as concerns about global monetary stability, inflation, and currency debasement continue to grow.

Tether’s Gold Reserves Rival Sovereign Nations

At current market prices, Tether’s estimated 148 tonnes of gold exceed the official reserves of countries such as Australia, the United Arab Emirates, Qatar, South Korea, and Greece. This places the privately held crypto firm in a rare position, rivaling mid-sized sovereign nations and cementing its status as one of the largest non-government holders of bullion worldwide.

Jefferies analysts noted that Tether’s quarterly gold purchases surpassed those of most individual central banks, trailing only Poland and Brazil over the same timeframe. Because Tether is privately owned, the figures provided represent minimum estimates, with the possibility that additional gold is held on the company’s balance sheet beyond what has been publicly disclosed.

Why Tether Is Accumulating Gold

Tether holds gold as part of its reserve strategy to support both its U.S. dollar-pegged stablecoin USDT and its gold-backed digital token XAUT. As of the fourth quarter attestation, approximately $17 billion worth of gold — equivalent to around 126 tonnes at year-end prices — was listed as part of the firm’s reserves.

In addition, the supply of XAUT tokens expanded to roughly 712,000 units by the end of January, representing about $3.2 billion in value and backed by an additional six tonnes of gold. This growth reflects rising demand for tokenized gold, particularly among users seeking exposure to physical assets without relying on traditional financial systems.

CEO Paolo Ardoino has previously indicated that demand for gold-backed digital assets is especially strong in emerging markets, where trust in local currencies can be fragile and access to physical bullion is often limited.

Gold Rally Strengthens Tether’s Strategy

Tether’s accumulation has coincided with a historic rally in gold prices. The metal surged past $5,000 per ounce last month and has gained nearly 50% since September. Analysts attribute the move to sustained central bank buying, elevated long-term government bond yields, and a growing push by investors to reduce dependence on the U.S. dollar.

Jefferies expects Tether’s gold purchases to continue. Ardoino has stated that the company plans to allocate between 10% and 15% of its overall investment portfolio to physical gold, formalizing a strategy that has already been unfolding for several years. As of the end of last year, Tether’s investment portfolio was valued at approximately $20 billion, suggesting further upside potential for gold accumulation.

Tether and Gold: Frequently Asked Questions (Q&A)

Why is Tether buying so much gold?

Tether views gold as a long-term store of value and a hedge against currency risk. The metal supports both its stablecoin reserves and its gold-backed digital token while reducing reliance on fiat currencies.

How much gold does Tether currently hold?

Jefferies estimates Tether holds at least 148 tonnes of physical gold, though actual holdings may be higher due to undisclosed balance sheet assets.

Does Tether’s gold back USDT?

Yes. A portion of Tether’s gold is held as reserves supporting USDT, alongside traditional assets such as cash and short-term securities.

What is XAUT and how does it relate to gold?

XAUT is Tether’s gold-backed digital token, with each token representing ownership of physical gold held in reserve.

Will Tether continue buying gold?

According to CEO Paolo Ardoino, the company plans to allocate 10%–15% of its investment portfolio to physical gold, suggesting further accumulation ahead.