Tether’s gold stockpile crosses $23 billion, with demand exceeding that of nation states, Jefferies reports.

Tether has built at least 148 tonnes of physical gold reserves, ranking the stablecoin issuer among the world’s top 30 bullion holders and ahead of several sovereign nations, according to a report from Wall Street investment bank Jefferies published Sunday.

Jefferies estimates the holdings were worth about $23 billion as of Jan. 31, after Tether bought roughly 26 tonnes of gold in the fourth quarter of 2025 and added a further 6 tonnes in January. The purchases place the crypto firm among the largest non-sovereign buyers of gold globally.

During the quarter, Tether’s gold accumulation exceeded that of most individual central banks, with only Poland and Brazil acquiring more, the analysts said. At current levels, Tether’s reserves surpass those held by countries including Australia, the United Arab Emirates, Qatar, South Korea and Greece.

The bullion backs both Tether’s U.S. dollar-pegged stablecoin USDT and its gold-linked token XAUT. Because the company is privately held, Jefferies said the figures likely represent a minimum estimate, with additional gold holdings potentially undisclosed.

USDT’s fourth-quarter attestation shows roughly $17 billion of gold, equivalent to about 126 tonnes at year-end prices, included in reserves. Meanwhile, XAUT supply rose to 712,000 tokens valued at about $3.2 billion by the end of January, reflecting an additional 6 tonnes of gold backing the token.

Tether CEO Paolo Ardoino has said demand for XAUT has been strongest among retail investors in emerging markets.

The accumulation has taken place amid a historic surge in gold prices, which climbed above $5,000 per ounce last month and are up nearly 50% since September, driven by strong central bank demand, rising long-term bond yields and efforts to diversify away from the U.S. dollar.

Jefferies said Tether’s buying may continue, citing Ardoino’s plans to allocate 10% to 15% of the firm’s investment portfolio to physical gold. Tether’s investment portfolio was valued at around $20 billion at the end of last year, CoinDesk reported.