Tether’s gold stash tops $23 billion as buying outpaces nation states, Jefferies says

Tether, the crypto firm behind the world’s most popular stablecoin USDT$0.9995, continued its gold hoarding over the past month, ranking within the top 30 global owners of the metal and surpassing several sovereign nations, according to a Sunday report from Wall Street investment bank Jefferies.

The stablecoin issuer’s gold reserves rose to an estimated 148 tonnes by Jan. 31, valued at roughly $23 billion, after buying about 26 tonnes in the last quarter of 2025 and adding another 6 tonnes in January, Jefferies analysts said.

Jefferies estimates show Tether’s quarterly gold buying exceeded that of most individual central banks, trailing only Poland and Brazil during that period.

At current levels, Tether’s holdings exceed those of countries such as Australia, the United Arab Emirates, Qatar, South Korea and Greece, placing the crypto firm among the top 30 holders of bullion worldwide and one of the largest non-sovereign buyers, the analysts said.

The 148 tonnes of bullion is held as reserves backing both its U.S. dollar-pegged stablecoin USDT and its gold-backed token XAUT. But the company may hold more gold than disclosed, the report added.

Because Tether is privately held, the figures represent a minimum estimate of its total gold exposure, with undisclosed additional purchases likely made on the company’s balance sheet.

According to the USDT’s fourth quarter attestation, some $17 billion of gold was in the reserves, amounting to 126 tonnes as of year-end gold prices.

XAUT’s supply grew to 712,000 tokens worth $3.2 billion by the end of January, an increase of 6 tonnes of gold backing the tokens. CEO Paolo Ardoino told CoinDesk in an October interview that the gold-back enjoyed strong retail demand mainly from emerging markets.

The accumulation coincided with a record-breaking rally in gold, topping $5,000 per ounces last month and advancing nearly 50% since September. The driving forces behind the move is central bank demand, rising long-term government bond yields and efforts by some investors to reduce reliance on the U.S. dollar.

The company’s buying spree may continue, Jefferies noted. Tether CEO Paolo Ardoino said the company plans to allocate 10%-15% of its investment portfolio to physical gold, formalizing a strategy that has already played out over several years.

Tether’s investment portfolio was valued at $20 billion as of the end of last year, CoinDesk reported.

Read more: Tether is buying up to $1 billion of gold per month and storing it in a ‘James Bond’ bunker