Tether’s Gold Stockpile Climbs to 116 Tons, Matching the Scale of Lesser Central Banks

Jefferies says Tether has quickly become one of the most consequential new buyers in the global gold market, emerging as a major force behind this year’s extraordinary rally.

Gold has climbed more than 50% in 2025 and is trading near $4,080 per ounce. According to Jefferies, that surge can’t be accounted for solely by central bank purchases or traditional safe-haven flows. Instead, the bank points to Tether’s rapid and sizable bullion accumulation, which appears to be tightening supply and amplifying upward pressure on prices. The firm’s attestation reports and on-chain movements indicate steady additions to its reserves throughout the year.

Jefferies first picked up signs of Tether’s interest after meetings last fall with miners and royalty companies in Denver, where multiple investors said the stablecoin issuer intended to buy around 100 tons of gold in 2024. That projection gained credibility after CEO Paolo Ardoino publicly discussed expanding gold reserves and the market saw a sudden $1,000-per-ounce jump.

In its latest assessment, Jefferies estimates Tether held at least 116 tons of gold at the end of the third quarter. Roughly 12 tons back its XAUt token—valued at about $1.57 billion—while about 104 tons support USDT, worth roughly $13.67 billion. This makes Tether the world’s largest private holder of gold and places it in the same league as several smaller central banks. XAUt currently has a market capitalization of about $1.5 billion, according to CoinMarketCap.

What stands out most, Jefferies said, is the blistering pace of accumulation. Tether added roughly 26 tons in the third quarter alone, equivalent to about 2% of global demand for that period. While not enough to overshadow central-bank buying, the activity likely tightened near-term availability and contributed to stronger sentiment as prices accelerated.

Jefferies expects Tether’s gold holdings to continue expanding as USDT grows and gold remains roughly 7% of the company’s reserve mix. With Ardoino projecting $15 billion in profit for 2025, analysts say allocating even half of that into bullion could translate into nearly 60 additional tons of annual purchases.

The report also highlights uncertainty surrounding USAT—Tether’s planned GENIUS Act–compliant stablecoin—which won’t require gold reserves and could shift the long-term profile of the company’s demand.

Beyond direct purchases, Jefferies noted that Tether has invested more than $300 million this year in gold royalty and streaming firms, signaling a broader push into the metals sector. The recent hiring of two senior metals traders from HSBC further suggests the company is accelerating its strategy rather than pulling back.