Tether has kept adding to its gold reserves, and Jefferies now estimates the stablecoin issuer held 148 tonnes of gold as of Jan. 31, worth about $23 billion. In a Sunday report, the Wall Street bank said that level would place Tether among the world’s top 30 gold holders, ahead of several sovereign states.
According to Jefferies analysts, Tether bought roughly 26 tonnes in the fourth quarter of 2025 and added another 6 tonnes in January. On that measure, its quarterly purchases were larger than those of most individual central banks, with only Poland and Brazil buying more during the same period. At current holdings, Jefferies said Tether stands above countries including Australia, the United Arab Emirates, Qatar, South Korea and Greece.
Gold reserves back both USDT and XAUT
The 148 tonnes are held as reserve assets supporting both USDT, Tether’s dollar-pegged stablecoin, and XAUT, its gold-backed token. Jefferies added that the real figure could be higher. Because Tether is privately held, the disclosed numbers may only reflect a minimum estimate of the company’s total exposure to gold, leaving room for additional purchases that are not publicly reported.
Tether’s fourth-quarter attestation for USDT showed about $17 billion in gold reserves, equal to roughly 126 tonnes at year-end prices. By the end of January, XAUT supply had risen to 712,000 tokens valued at around $3.2 billion, implying another 6 tonnes of gold backing the token. In an earlier interview with CoinDesk, CEO Paolo Ardoino said retail demand for XAUT was strong, especially in emerging markets.
Accumulation continued during a sharp gold rally
Tether’s gold buying came during a strong surge in bullion prices. The report said gold topped $5,000 per ounce last month and has gained nearly 50% since September. Jefferies linked the move to central bank demand, higher long-term government bond yields and portfolio shifts by some investors seeking less dependence on the U.S. dollar.
Jefferies said Tether may keep buying. Paolo Ardoino has stated that the company plans to allocate 10% to 15% of its investment portfolio to physical gold, turning a multi-year pattern into a stated policy. CoinDesk previously reported that Tether’s investment portfolio was worth about $20 billion at the end of last year.