Tether’s Gold Reserves Reach 148 Tonnes, Says Jefferies

Tether joins world's top 30 gold holders, says Jefferies.

The issuer of the stablecoin USDT, Tether, has entered the ranks of the world’s top 30 gold holders, according to CoinDesk, citing a report by investment bank Jefferies.

As of January 31, the company’s gold reserves reached 148 tonnes, with an estimated value of $23 billion. In the fourth quarter of 2025, Tether acquired 26 tonnes of the precious metal, adding another 6 tonnes in January.

Analysts noted that the pace of purchases by the crypto company outstripped most central banks, surpassed only by Poland and Brazil. Tether’s reserves now exceed the national reserves of Australia, the UAE, Qatar, South Korea, and Greece.

Physical gold is used to back USDT and XAUT. At the time of writing, the latter’s market capitalization stands at $2.5 billion, according to CoinGecko.

The accumulation of reserves coincided with a historic rally in the precious metals market—last month, the price per ounce exceeded $5,000. The growth was driven by demand from central banks and investors’ attempts to reduce reliance on the US dollar.

Jefferies believes the purchases will continue. Earlier, Tether CEO Paolo Ardoino stated a strategy to allocate 10-15% of the company’s investment portfolio to physical gold.

In January, the head of the stablecoin issuer revealed the transformation of a former nuclear bunker in Switzerland into a storage facility for gold reserves. Ardoino noted that the site is heavily guarded and reminiscent of locations from James Bond films.