February 9 News, Wall Street investment bank Jefferies stated in its latest report that the company behind the stablecoin USDT, Tether, is accelerating its accumulation of physical gold. Its holdings have surpassed those of several sovereign countries, making it one of the world’s largest non-sovereign gold buyers.
The report shows that as of January 31, Tether’s gold reserves have increased to approximately 148 tons, valued at about $23 billion at current prices. In the fourth quarter of 2025 alone, the company purchased about 26 tons of gold, and in January, it continued to add 6 tons. Jefferies believes that the purchase rate this quarter has exceeded that of most central banks, ranking only behind Poland and Brazil.
At its current scale, Tether’s gold holdings have surpassed those of countries like Australia, the United Arab Emirates, Qatar, South Korea, and Greece, placing it among the top 30 largest gold holders globally. Analysts also point out that since Tether is a private company, the disclosed data may be a minimum estimate, and its actual reserves could be higher.
Most of this gold is used to back its dollar-pegged stablecoin USDT and the gold-backed token XAUT. According to Tether’s disclosed Q4 statement, its gold reserves at that time were about 126 tons, worth $17 billion. By the end of January, the supply of XAUT increased to 712,000 tokens, corresponding to about 6 tons of gold and valued at $3.2 billion.
Tether CEO Paolo Ardoino previously stated that gold-backed products have seen strong retail demand in emerging markets. The company plans to allocate 10% to 15% of its long-term portfolio to physical gold, a strategy it has maintained for many years.
This increase in holdings coincides with gold prices reaching a historic high. Last month, international gold prices broke through $5,000 per ounce, with a cumulative increase of nearly 50% since September last year. Factors driving this include continuous central bank purchases, rising long-term government bond yields, and some investors reducing their reliance on the US dollar.
Jefferies believes that against the backdrop of changes in the global monetary system and inflation expectations, Tether’s “digital assets + physical gold” reserve model is becoming a new paradigm for risk hedging and asset allocation.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Ethereum Block Builder Titan Builder Earned $34.5 Million in Past 24 Hours, Surpassing Tether for Top Ranking
On March 13, DefiLlama data showed that Ethereum block builder Titan Builder earned $34.5 million in revenue over the past 24 hours, far exceeding Tether's $16.43 million. Due to excessive slippage on one transaction, Titan Builder profited approximately $34 million from it.
GateNews18h ago
Tether seeks a $500 billion valuation, becoming one of the world's most highly valued private companies
Tether CEO Paolo Ardoino is making the United States a core focus for expansion, with plans to complete audits by 2026. The company earned over billion in profits last year and currently holds approximately @E1@ billion in U.S. Treasury bonds. Meanwhile, Tether has launched the compliant token USAT and is investing across multiple sectors.
GateNews18h ago
GI-TOC Latest Report: USDT Becomes New Tool for Gold Laundering in Venezuela
The Global Initiative Against Transnational Organized Crime (GI-TOC) report indicates that Venezuela has become a major destination for illegal Amazon gold and conducts transactions through USDT (Tether), functioning as a money laundering hub. The article also discusses U.S. Congressional legislation targeting illegal gold mining, emphasizing the need to incorporate digital asset provisions to enhance effectiveness.
MarketWhisper23h ago
White House Demands Retraction of Iran Drone Threat Reports to Prevent Public Panic Escalation
The White House has demanded that ABC News retract its report on a potential Iranian attack on California, stating it exaggerated the threat and relied on unverified information. While California's government has made preparations to respond, no imminent threat has been identified. Meanwhile, Iranian drones have become increasingly important in Middle East warfare, and cryptocurrency has also played a role in related supply chains. This incident demonstrates the critical importance of drones and digital currency in modern warfare.
GateNews03-13 02:14
Tether Chief Investment Officer Richard Heathcote Steps Down, Deputy Zachary Lyons Takes Over
Stablecoin Tether's Chief Investment Officer Richard Heathcote will step down and transition to an advisory role, with his deputy Zachary Lyons taking over. During his tenure, he led the company's investment strategy, particularly regarding USDT reserve management and multiple investment transactions. Tether's U.S. Treasury holdings are expected to increase to $122 billion by the end of 2025.
GateNews03-13 00:04
