Tether, the company behind the USDT stablecoin, is no longer just a major player in crypto. It has now become one of the largest gold holders in the world. According to a recent report from Wall Street firm Jefferies, Tether’s physical gold reserves have reached about 148 tonnes, worth roughly $23 billion as of late January 2026.
This puts the stablecoin issuer among the top 30 gold holders globally, ahead of several countries. For a privately owned crypto company, this is a major shift and shows how the gap between crypto and traditional finance is getting smaller.
Buying Gold Like a Central Bank
Jefferies estimates that Tether bought around 26 tonnes of gold in the final quarter of 2025 and another 6 tonnes in January alone. During that time, only Brazil and Poland bought more gold, both through their central banks.
At current levels, Tether’s gold holdings are larger than the official reserves of countries such as Australia, South Korea, Greece, Qatar, and the United Arab Emirates. This makes Tether one of the most active non-government buyers in the global gold market.
Since Tether is privately owned, analysts say the reported numbers may not show the full picture. The company could hold even more gold than what is publicly known.
Why Gold Is Important for Tether
Tether holds gold as part of the assets that support its products. This includes USDT, the world’s largest dollar-pegged stablecoin, and XAUT, a token backed by physical gold.
Tether’s fourth-quarter report showed about $17 billion worth of gold in its reserves, equal to roughly 126 tonnes at year-end prices. At the same time, XAUT has been growing steadily. By the end of January, more than 712,000 XAUT tokens were in circulation, backed by around 6 tonnes of additional gold.
CEO Paolo Ardoino has said that demand for XAUT is especially strong in developing markets, where people often trust gold more during times of currency weakness.
Benefiting From the Gold Rally
Tether’s buying comes during a strong rise in gold prices. Gold recently moved above $5,000 per ounce, up nearly 50% since September. Increased buying by central banks, higher bond yields, and efforts by some countries to reduce reliance on the U.S. dollar have all supported the price surge.
Looking ahead, Tether does not appear finished with its gold strategy. Ardoino has said the company plans to keep around 10% to 15% of its investment portfolio in physical gold, which means its presence in the gold market could grow further.
A Crypto Company Acting Like a Central Bank
Crypto analyst Kyle Chassé noted that the most aggressive gold buyer right now is not a government, but Tether. Holding about $23 billion in gold makes the company look more like a central bank than a typical crypto firm.
As crypto companies begin holding large amounts of real-world assets like gold, the line between traditional finance and digital assets continues to blur, pointing to a new phase where crypto firms operate with strategies once seen only in governments and major financial institutions.
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