Tether sharply expanded its gold portfolio in the third quarter of 2025, acquiring 26 tonnes of bullion, according to analysis from Jefferies. The purchase made the stablecoin issuer the world’s largest official-sector gold buyer during the period, surpassing every central bank.
With its holdings now sitting at roughly 116 tonnes, Tether has reached the level of the central banks of Korea, Greece, and Hungary. The company’s stockpile would place it within the top tier of global reserve holders, highlighting the scale of its balance sheet and its increasing financial influence.
Only a small share of Tether’s gold backs XAUT, its tokenized gold product, which is supported by less than 12 tonnes. The rest sits within the firm’s broader reserves, with gold now representing around 7 percent of its asset mix.
The rapid accumulation underscores how private stablecoin issuers are becoming major actors in markets traditionally dominated by sovereign institutions. Analysts say Tether’s gold strategy reflects both strong revenue from USDT operations and a push to diversify its reserves beyond cash and Treasuries.
As Tether’s holdings grow to central-bank dimensions, regulators are expected to scrutinize the stability and transparency of the firm’s asset base more closely, particularly as its influence extends further into global financial markets.