According to a report by investment bank Jefferies, stablecoin giant Tether has quietly emerged as one of the most influential new buyers in the gold market.
The report estimates that Tether currently holds at least 116 tonnes of gold, with 12 tonnes backing its XAUt token (worth around $1.57 billion) and around 104 tonnes backing USDT (worth around $13.67 billion), making it the world's largest holder of non-sovereign gold, comparable in size to smaller central banks. In the third quarter alone, Tether added around 26 tonnes, equivalent to 2% of global demand.
Analysts note that with USDT growing and Tether CEO Paolo Ardoino expecting a profit of $15 billion in 2025, the company could continue to up the ante. Gold prices have risen more than 50% this year and are currently trading at around $4,080 an ounce.
Tether gold reserves soared to 116 tons, rivaling small central banks
2025-11-21 02:33:21
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