By the end of September, Tether’s reserves reached 116 tonnes of gold. This amount is comparable to the reserves of South Korea, Hungary, or Greece, according to Fortune, citing analysts from investment bank Jefferies.
Experts have identified the issuer of USDT stablecoins as the largest holder of precious metals outside the public sector.
Analysts noted that the company’s aggressive purchases may have directly influenced the recent rise in the market value of gold. In the last quarter, Tether accounted for nearly 2% of global demand, equivalent to 12% of the total purchases by all central banks.
According to Jefferies, the issuer plans to acquire about 100 more tonnes of physical gold by 2025. The financial outlook supports this plan: the firm’s projected profit this year is approaching $15 billion.
Experts believe the company is betting on the widespread adoption of tokenized gold. Since early August, Tether has added over 275,000 ounces of metal, worth about $1.1 billion, to back its gold stablecoin XAUT.
Unlike ETFs or physical ownership, tokenized gold offers 24/7 trading and no storage fees. Jefferies believes Tether CEO Paolo Ardoino views this asset as a “natural bitcoin” and a means of diversifying reserves amid U.S. dollar risks.
Earlier in 2025, Tether International’s net profit exceeded $10 billion.